Artificial-intelligence concern Fusemachines has announced a merger with special-purpose acquisition company CSLM Acquisition. This initiative will take Fusemachines public with a valuation of $200 million.
Expanding AI Offerings and Global Presence
Fusemachines plans to utilize the proceeds from the deal, which is expected to be finalized by the end of the second quarter, to expand its offerings of AI software and applications. The company also aims to achieve general growth and broaden its global presence in the market. Fusemachines was established in 2013 by Sameer Maskey, the current Chief Executive, who previously worked at International Business Machines’ Watson Research Center AI operations. The company has an office in Kathmandu and boasts extensive operations in Nepal.
Investment in Frontier and Emerging Markets
CSLM Chief Executive and Chief Financial Officer, Charles Cassel, stated that Fusemachines is an investment in frontier and emerging markets. This merger presents an opportunity for CSLM to tap into the potential of these markets.
CSLM affiliates have committed to investing up to $19.4 million, some of which will be obtained through new private investment in public equity financing.
Trading on Nasdaq
Upon completion of the merger, Fusemachines will be listed and traded on the Nasdaq market under the ticker symbol FUSE.