Substrate AI values its Subgen AI subsidiary at $150m by buying an extra 21% of Binit with its shares

Madrid, March 2024. Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has acquired an extra 21% from software development company Binit, from which it already acquired 70% in November 2023, and has done so by paying its owners with shares of its generative artificial intelligence subsidiary Subgen AI valuing the latter at €150 million.

Following this transaction, Substrate AI owns the 90% of the software development company Binit, which has a development hub in Argentina with more than 100 developers and business in Spain, UK and Latin America.

The price of this new purchase is 2.1M in a transaction that completes the one already made and that puts all Binit's capabilities and talent at the service of Substrate AI at a time when its subsidiary Subgen AI must face the challenges of developing and bringing to market its LLM Serenity 7B and the commercialization of Serenity Star, the Generative AI ecosystem presented in February in London and Madrid and that Subgen AI is promoting under the leadership of Leandro Harillo, Bren Worth and Mei Si.

Serenity Star is a Generative AI ecosystem where any company can find everything they need to apply Generative AI in their operations, from more than 100 LLMs to AI agents of all kinds, more simple or more complex, or co-pilots for difficult tasks, through all kinds of plugins, etc... Serenity Star allows to raise Generative AI projects in the company from a low-code, no-code point of view, i.e. without having to be a great specialist in the field, thus democratizing the use of this technology. Subgen AI is commercializing Serenity Star (serenitystar.ai) offering 25,000 euros in services to the first companies that wish to try it.

Substrate AI was listed on BME Growth in May 2022 as the first Artificial Intelligence company to be listed in Spain and 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 Generative AI, Healthcare, Agritech, Fintech, Human Resources and Energy.

The company has also enhanced its international presence with dual listings in London and the US, bringing it closer to new investors and clients.

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