Xmachina-AI Inc., a a Vancouver, and Montreal, Canada-based provider of a platform for the acquisition of Artificial Intelligence (“AI”) entities in North America, raised $2.46m in seed funding.
The offering consisted of 20,000,000 common shares of the company at $0.10 and was oversubscribed to 24,660,000 common shares for gross proceeds of $2.46m. The round was supported through the efforts of Hampton Securities, Echelon Wealth Partners and support from the investment communities in Vancouver, Toronto and Montreal.
Proceeds from the raise will be used to complete the listing process on the Canadian Securities Exchange (the “CSE”), close acquisition targets, and general working capital requirements.
Led by Claude Theoret, CEO, Xmachina-AI seeks to provide a platform for the acquisition of Artificial Intelligence (“AI”) entities in North America. The company’s thesis is based on an aggregation strategy to acquire AI targets and make them better through the addition of growth capital, streamlining of corporate processes and human capital acquisitions. The current sector focus of the company is on enhancing supply-chain efficiencies, logistics and manufacturing.
The company is preparing to accept interest in its pre-IPO round that is projected to offer $4M at $0.25 per common share and enhance its acquisition strategy through to listing on the CSE.