The fund shall have the right to appoint a director
Madrid, December 2023. Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has reached an agreement with the fund Impulse Tech Transfer CLM FRC to subscribe to a capital increase of 2M euros and become a shareholder in a transaction to be carried out at 0.50 euros per share, valuing the company at around 30M compared to the 10M it currently capitalizes.
The fund, whose objective is to promote technology companies that have an impact on Castilla La Mancha, enters the capital of Substrate AI with a horizon of at least two years and will appoint a director, becoming the first institutional investor to join the board, which includes the founders and independent directors.
In the agreement signed, Substrate AI is committed to install a subsidiary of its group in the region, to create quality jobs in the region and to boost the regional ecosystem around artificial intelligence, collaborating with universities, technology centers and companies in the most important sectors in the autonomous community such as renewable energy or the food industry. This is the objective of the Impulsa Tech Transfer CLM FCR fund with this investment, to boost the AI sector in the region and attract quality jobs.
"We are very happy with this agreement and we are sure that we are going to have a long and profitable relationship with the IMPULSE TECH TRANSFER CLM FCR fund. We should not forget that in 2021 we already carried out in Castilla La Mancha a project funded by ICEX with an impact on the dairy industry in which several companies participated and that today has become an AI product used by dairy farms all over Spain. We are very interested in the potential of that region and everything we can create together."says José Iván García, CEO of Substrate AI.
Substrate AI, the first Artificial Intelligence company listed in Spain, operates as a holding of companies that sell, apply and develop artificial intelligence in their sectors, with a focus on creating efficiencies that drive the economy on its path towards sustainability and emission neutrality. The companies that make up the Substrate AI portfolio develop and sell artificial intelligence solutions in sectors such as Healthcare, Agritech, Fintech, Human Resources, Energy and Legaltech. In addition, the company develops its own technology through one of its subsidiaries and offers consulting services for other companies that wish to implement Artificial Intelligence solutions in their day-to-day business.
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