Fusemachines, a prominent enterprise AI products and solutions provider founded by Nepali entrepreneur Dr. Sameer Maskey and headquartered in New York will be listed in an American Stock Exchange- NASDAQ. The feat comes with the company’s cooperation with CSLM Acquisition Corp.
The cooperation values Fusemachines at $200 million (over Rs 26.64 billion). This business combination will close by the end of Q2, 2024. The development makes Fusemachines the first-ever Nepali-founded company to be listed on an American Stock Exchange.
Fusemachines now valued at $200 million (over Rs 26 billion in Nepali)
Fusemachines to appear on NASDAQ under the ticker symbol “FUSE”
After being listed, Fusemachines will likely become a public company. However, the move will first need to be approved by the stockholders of both CSLM and Fusemachines and must conform to other closing conditions. However, the respective boards of both entities have approved this milestone transaction. When it finally happens, Fusemachines will appear on NASDAQ under the ticker symbol “FUSE”.
As part of this deal, CSLM affiliates will invest up to $19.44 million in new PIPE financing in CSLM and pre-closing financing in Fusemachines. This will cover Fusemachines’ operating capital needs. The funds will be useful for more Artificial Intelligence (AI) research, products, and solutions.
Also read: Fusemachines launches an AI-enabled education platform: ‘Fuse Classroom’
Sameer Maskey delights as Fusemachines will list on the American Stock Exchange
Mr. Maskey has likened the latest development to a pivotal milestone for the company. Likewise, he reckons that it’s an equally grand one for any company of Nepali origin. He said, “Being listed on NASDAQ is a pivotal milestone for us and a historical one for any company of Nepalese origin.” Mr. Maskey is the founder and Chief Executive Officer (CEO) of Fusemachines. Maskey won AI breakthrough award in 2023, recognizing his contribution to the AI sphere through Fusemachines.
He further added that the cooperation with CSLM helps it lead the way in shaping the future of democratizing AI and leaving a lasting impact in industries. The additional capital and financial flexibility from this transaction will empower improved products and fuel growth and expansion.”
In the meantime, Charles Cassel, the CEO and Chief Financial Officer (CFO) of CSLM shared similar enthusiasms. He shared that it’s looking for a long-term co-investment opportunity for its affiliates and found Fusemachines.
“With significant operations in Nepal, their cutting-edge development of AI engines and solutions for US and developed market enterprise clients is precisely the profile that we believe embodies the impact that investors can make and profit from in high growth opportunities available in Frontier and Emerging Markets,” he stated.
Check out: Mero Job App Revamped: Your Next Job Is Just a Few Taps Away
About Fusemachines
Dr. Sameer Maskey Ph.D. founded Fusemachines in 2013. The company has consistently remained a leader in the enterprise AI revolution for over a decade. Mr. Maskey is also an associate professor at Columbia University. He has been an avid contributor to AI research from his time at the IBM Watson Research Center.
Fusemachines prepares enterprises to alleviate complex challenges with advanced technologies and their products and solutions. The company builds industry and problem-specific AI solutions with high ROI. TIME and OTG have remained clients of Fusemachines for years. It runs flagship AI Fellowship programs developing a global AI talent pool to maximize its efficiency. AI Studio and AI Engines are some of its leading portfolio of products.
Fusemachines is the brainchild of Dr. Sameer Maskey. It’s headquartered in New York and conducts operations in Asia, Canada, the USA, and Latin America. It has an office in Nepal too.
Check out: How to apply IPO online in Nepal with MeroShare?
Fusemachines listing on the prestigious American Stock Exchange is highly encouraging news for many entrepreneurs and IT enthusiasts in Nepal. the ICT industry is booming and in 2022 alone, Nepali professionals imported services worth Rs 67 billion. This proves that Nepal has a high potential demography in the industry and success stories such as this bolster everyone’s confidence.
