UAE’s Verofax Secures $3 Million in Funding
UAE-based Web3 services provider Verofax has secured $3 million in bridge funding. The funding round was led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Additional investors included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
Verofax plans to utilize the funds to advance its projects across the Middle East and the EU, with a focus on AI-powered guides in the GCC region and sports fan engagement guides in the EU and North America.
Under the leadership of CEO Wassim Merheby, Verofax leverages patented Web3 technologies, including augmented reality, blockchain, and artificial intelligence, to deliver enhanced experiences for tourists, shoppers, and brands.
These innovations enable retailers, sports venues, and tourist destinations to offer more interactive experiences, boost conversion rates, and enhance social engagement. By incorporating direct interaction and gamification, brands can foster stronger connections with their customers and achieve superior results from AI and AR-driven experiences.