VerSe Innovation acquires AI-startup Cognirel Technologies

Bengaluru, Feb 23: Local language technology platform VerSe Innovation on Tuesday announced that it has acquired Cognirel Technologies, a Bengaluru-based AI solutions provider.
VerSe will bring on board Cognirel Founder Ram Prakash to head its newly instituted AI Lab, it said in a statement.
Financial details of the transaction were not disclosed.
“This acquisition bolsters VerSes commitment to creating cutting-edge digital capabilities to serve the emerging content needs of millions of consumers using technology”, it said.
“Today, VerSe Innovations proprietary technology platform powers 300 million-plus users to consume content in their local language on Dailyhunt”, the statement said.
The acquisition of Cognirel is Bengaluru-headquartered VerSes first since becoming a Unicorn in December 2020.
Earlier this month, VerSe Innovation raised USD 100 million-plus in a funding round led by Qatar Investment Authority, the sovereign wealth fund of the State of Qatar and Glade Brook Capital Partners, close on the heels of a USD 100 million-plus fundraise in December last year led by Alpha Wave, Google and Microsoft. (PTI)