Based in Allschwil, Switzerland, EvokAI is a MedTech AI-powered company engaged in the development of transformational and innovative technologies for the modern healthcare sector
Sebastiani Ventures to acquire artificial intelligence firm EvokAI. (Credits: Gerd Altmann from Pixabay)
Canada-based Sebastiani Ventures has forged a letter of intent (LOI) with the MedTech AI-powered company EvokAI Creative Labs (EvokAI) to acquire all of the latter’s voting securities.
Under the general terms and conditions of the LOI, Sebastiani and EvokAI will enter into a business combination that will result in a reverse takeover of Sebastiani by EvokAI security holders.
Upon the completion of the proposed acquisition, Sebastiani is anticipated to be promoted to Tier 2 of the TSX Venture Exchange as a technology issuer.
Sebastiani is also expected to change its name to EvokAI Creative Labs Inc. upon completion of the proposed transaction.
The proposed transaction’s final structure is subject to satisfactory tax, corporate, and securities law advice from both Sebastiani and EvokAI.
It will be subject to regulatory and exchange approvals, execution of related transaction documents, completion of the financing and receipt of all necessary shareholders.
According to the company, EvokAI has 14,018,637 Class A common shares and 661,290 class B common shares of which 11,495,283 (78.3%) shares are owned by Union Group Ventures, a private company indirectly controlled by Juan Sartori.
Based in Switzerland, EvokAI claims to use machine learning models to search medical data for insights to enhance healthcare, drug development, patient experiences, preclinical and clinical decisions, and to deliver accurate diagnoses.
According to EvokAI, its AI algorithm serves the entire healthcare system ranging from research institutions to medical professionals, patients, and healthy individuals to prevent diseases and protect the ageing genome.
In June this year, Sebastiani signed a licencing agreement with EvokAI giving it the non-exclusive right to pursue strategic partnerships for commercial applications of EvokAI’s technology on a global scale.