CAMBRIDGE, Mass.–(BUSINESS WIRE)–Vyome Holdings, Inc. (“Vyome’) (Nasdaq: HIND) announced its subsidiary, LiveChain, Inc. (“Livechain” or “LICH”) (OTC Markets: LICH) has executed a binding letter of intent (“LOI”) with Remus Capital, a leading AI-focused venture capital firm, that will put LiveChain in control of the Humanyze brand, intellectual property, and other know-how of Sociometric Solutions, Inc. DBA Humanyze (“Humanyze”), a rapidly emerging AI-enabled human resources data and analytics company.
The LOI contemplates that, as consideration for the transaction, LICH shall issue shares of its common stock valued at approximately $325,000, in exchange for acquiring a senior secured convertible note between Remus and Humanyze. Through this transaction, LICH will be the senior secured creditor of Humanyze, whose note is secured by a lien in all of Humanyze’s intellectual property and trade secrets.
Born from the prestigious MIT Media Lab, Humanyze has one of the world’s largest databases for employee interactions within the workplace and is working to redefine the future of work through science-backed analytics and AI-enabled insights that help large, complex companies make continuous workplace improvements that benefit both employees and the business.
“One of our immediate objectives as the Board of Directors of Vyome was to find a way to create value from LiveChain, as we promised LiveChain and Vyome shareholders. We evaluated multiple options, but this path is the first step of a plan that could enable LiveChain to become self-sufficient financially and build a scalable independent business that could generate significant value for shareholders,” commented Venkat Nelabhotla, Board member of LiveChain and CEO 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.”
“Humanyze has built a compelling AI-enabled platform that breaks down critical data to give employers clear, actionable insights that optimize many companies’ most valuable resource, their human capital. This optimization is even more critical in an age where humans and AI have to waltz together in the workplace. We see multiple ways for Humanyze to monetize their offerings, and the market opportunity is quite compelling,” added Krishna Gupta, Chairman of Vyome.
The LOI contemplates that the parties will enter into definitive agreements upon the terms set forth in the LOI within 30 days of the execution of the LOI and to consummate a closing within an additional 45 days, upon satisfaction of all conditions precedent as may be outlined in the definitive agreements. There can be no assurance that the transaction contemplated by the LOI is consummated.