VerSe Innovation acquires AI-startup Cognirel Technologies

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.

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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.