London, the UK
Australian artificial intelligence vendor Veriluma has launched a business unit in the UK as part of plans to expand into Europe and the USA.
The business unit called Decision Point will combine technology and professional services to build solutions different markets with an initial focus on financial services, law and engineering.
Specifically, Decision Point will develop ‘augmented intelligence’ solutions underpinned by Veriluma’s patented software. The publicly-listed company also intends to apply for an Export Market Development Grant (EMDG) through Austrade to support the group’s overseas expansion.
"We envision Decision Point will develop and sell industry specific solutions that blend data with human expertise and intuitions to avoid the data overload most business leaders experience when making decisions," Veriluma Software CEO Elizabeth Whitelock said.
Wirpo Digital founder Karl Smith will be heading the UK operation as the director at Decision Point. He has 30 years of experience and is involved with the Cognitive Computing Consortium and the Government Blockchain Association in the USA.
Paul Kiernan, who brings 13 years of experience to the business, will be in charge of sales for the business. He has assisted Australian technology businesses establish in Europe since 2017.
"Our goal is to create a market of direct clients who gain a competitive advantage through our consulting led solutions," Whitelock said. "This approach will create a repeatable marketing and sales approach and, thereafter, consistent, predictable revenues from sales of the same solution type.
"Building an application specific focus with Decision Point allows the Veriluma Software team to continue researching and developing the software as well as expanding its footprint inside and outside defence," she added.
The expansion comes 19 months after the hardest period experienced by the Australian software vendor who saw the company enter into voluntary administration in November 2017.
Weeks after, the company changed administrators following a troublesome annual general meeting when previous administrator said resolutions had been proposed and therefore the meeting had been cut short, however shareholders claimed there was not an opportunity to propose any.
Board directors involved in the initial administration process have left the business soon after it was launched.
In March 2018 a deed of company arrangement (DOCA) was proposed, which had been executed by June 2018.
The company entered discussions with various parties to trial its software and with partner organisations to include Veriluma's software in their solutions to market during the third quarter of calendar 2018.
It was then that Veriluma submitted a response to a Commonwealth Government tender and consulted to a Defence contractor.
In January, Veriluma revealed entered negotiations with the Commonwealth following the tender submission, ultimately resulting in $1.9 million contract with the Department of Defence.
