CAMBRIDGE, Mass.–(BUSINESS WIRE)–Livechain, Inc. (“Livechain”) (OTCX: LICH), a subsidiary of Vyome Holdings, Inc. (“Vyome”) (Nasdaq: HIND), announced today that it has executed a debt purchase agreement with Remus Capital, a leading AI-focused venture capital firm, in order to acquire Sociometric Solutions, Inc, d/b/a, Humanyze (“Humanyze”), a rapidly emerging human resources data and analytics company.
The transaction was structured as an all-stock transaction in which LICH issued shares of its common stock, valued at approximately $325,000, in exchange for acquiring a senior, secured convertible note issued to Remus by Humanyze. Through this transaction, LICH has initiated a default and asset transfer in order to assume all business assets, including intellectual property and trade secrets, and to take direct control of the daily operations of Humanyze.
Born from the prestigious MIT Media Lab, Humanyze is working to redefine the future of work through science-backed analytics and AI-enabled, data-driven insights that help large, complex companies make continuous workplace improvements that benefit both employees and the businesses.
“First of all, this transaction transforms Livechain, driving it into an exciting and rapidly evolving AI HR space, creating a path for uplisting to a national exchange, and giving it the potential to generate real value for its shareholders. Second, the value creation under Livechain also has the potential to deliver real and lasting value to the shareholders of Vyome. As the majority shareholder of Livechain, Vyome stands to benefit significantly from any value created under Livechain. Our focus is on shareholder value, and our desire is that as Livechain’s underlying value increases, Vyome will be positioned to increase its Livechain equity position,” said Krishna Gupta, Chairman of Vyome.
“Humanyze is attacking one of the biggest issues facing Fortune 1000 companies around the world – human capital, and the cost of developing, retaining, and rewarding people in the most cost-effective way possible, all of which is even more important in an AI-first world. We see multiple ways for Humanyze to create value and position Livechain for an uplisting to a national exchange. Livechain will have its own team and plans to have its own capital on a go-forward basis. We do not anticipate that Livechain will be using any capital or operational bandwidth of Vyome,” said Venkat Nelabhotla, CEO of Vyome and board member of Livechain.
Humanyze has built a compelling AI-enabled platform that breaks down critical employment-driven data to give employers clear, actionable data that contributes not only to the tangible bottom line but also to the optimization of many companies’ most valuable resources, their human capital.