San Francisco, California, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Ovenue Inc., a leading provider of state-of-the-art technology solutions for valuation and financing of real-world assets for B2B and financial institutions, today announced the acquisition of Irident, including its software and intellectual property (IP). Irident provides an artificial intelligence (AI) enabled portfolio management engine and asset analytics platform to enhance asset management and valuation. Irident Inc.’s technology includes deep learning capability to curate lakes of fundamental, Environmental, Social, and Governance (ESG), proprietary, and other metrics to drive investment performance including asset valuation.
By integrating predictive analytics and asset management capabilities along with proprietary and third-party data sources and solutions, Ovenue plans to enhance the fidelity of the real-world asset valuation and tokenization experience for its customers. The AI and machine learning software have been shown to increase valuation accuracy by up to 6db. Irident sees this as the cornerstone offering, taking advantage of a projected $1.4T AI market by the end of the decade.
Ovenue launched an AI and blockchain-enabled valuation and financing infrastructure with over $100M of Tokenized Assets Valued (TAV), including franchising agreements, real-estate portfolios, and life science patents. The platform consists of an asset valuation and tokenization layer, as well as an asset-backed token (non-fungible tokens) marketplace for transactions, and a finance protocol for borrowing and lending against these assets.
As a testimonial to its capabilities, the entire transaction is being orchestrated on Ovenue’s real-world asset valuation and tokenization platform. This is further validation of the applicability of NFTs for tokenizing IP and using the marketplace to complete the transfer of ownership between the parties.
“We are very excited about enhancing our AI capabilities and welcome Irident’s senior leadership to the Ovenue family,” said Ram Shanmugam, CEO, and Co-Founder of Ovenue. “Together we will continue elevating the valuation and monetization of real-world assets for our customers and partners by enabling trust, removing friction from multi-party transactions, improving data management, and accelerating the speed of transactions, all made possible by AI and blockchain technologies, which are at the core of Ovenue’s tech stack”.
Cynthia Steer and John Nawrocki, President and Vice President of Irident Inc., respectively, observed “We are delighted to partner with Ovenue and its remarkable team. By sharing a unique vision and a sharp focus on execution, we are determined to help maximize the value of this synergistic combination.”
With Ovenue, asset owners can turn real-world assets into asset-backed digital products that can be licensed, sold, and collateralized through a proprietary end-to-end real-world asset valuation, tokenization, and monetization platform. Enhancing Ovenue’s platform with advanced AI capabilities will drive operational and valuation efficiencies for businesses and financial institutions.
About Ovenue Inc.
Ovenue’s artificial intelligence and blockchain-enabled platform provides asset owners and businesses with an end-to-end solution to value, tokenize, and monetize their real-world assets. Ovenue’s open-API protocol connects these assets to pools of liquidity, enabling borrowing and lending against collateralized real-world assets.
About Irident Inc.
Irident Inc. harnesses massive computing power and the latest cross-domain deep learning techniques to perform fundamental stock analysis at a level and scope not possible with teams of research analysts. The Deep InsightSM engine analyzes and connects hundreds of fundamental, ESG, macro-economic, and other data points to arrive at a uniquely rich and predictive outlook for each stock that is analyzed. The resulting platform is rich in actionable intelligence about individual stocks and provides an adaptive, finely tuned, and customizable portfolio management model.
Additional Information
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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