Based in Zurich, Cognitive Solutions and Innovation AG (COGSI AG) is a pioneer in delivering advanced artificial intelligence solutions for industrial manufacturing. Since its foundation in 2016, the startup demonstrated impressive growth, successfully delivering AI solutions to a variety of industrial clients in Europe and the US.
Last year, COGSI AG and ei3 jointly brought to market “ConnectedAI”, a technology that allows AI solutions to be deployed at scale and with ease. Based in New York with offices in Montreal, Zurich, and Bangalore, ei3, delivers a suite of no-code IIoT applications and related devices to help manufacturers and machine builders boost sustainability, operational efficiency, save on costs, and implement new business models.
Following three years of collaboration, ei3 is taking over COGSI through a cash and stock transaction. The Swiss startup also assumes the ei3 brand and is being re-named “ei3 Europe”. In addition, Stefan Hild, CEO and founder of COGSI AG, joins the board of directors of ei3 and will assume the newly created role of VP of Data Science at ei3.
Quad Systems and Nanalysis sign a letter of intent for an acquisition
Founded in 2020 by Klemens Kessler, Quad Systems is a Nuclear Magnetic Resonance (NMR) company focused on high-field NMR for pharmaceutical and other vertical markets. The startup holds key patents and IP, as well as important technology partnerships, that will allow it to carve out significant market share in the established billion dollars per year high-field NMR market.
The startup has been working with Canada based Nanalysis Scientific Corp for over a year, a collaboration that has resulted into the signing of a letter of intent to acquire the Swiss startup. As part of the agreement, Nanalysis has provided Quad Systems with a CHF 1,000,000 loan (Loan) which is convertible into shares in the capital of Quad Systems. Sean Krakiwsky, founder and CEO of Nanalysis has been appointed to Quad Systems' Board of Directors.
Further terms of the agreement assert that Nanalysis will subscribe for 260,000 Quad Systems shares for cash consideration of CHF 6,500,000 (Equity Investment). On completion of the Equity Investment, a second representative of Nanalysis will be appointed to Quad Systems' Board of Directors. At this stage, Nanalysis will own 43% of Quad Systems. Until July 1, 2023 (Option Period), Nanalysis also has an option (Option) to acquire 100% of the issued and outstanding shares of Quad Systems at a pre-set valuation formula in a combination of cash and Nanalysis shares. Subject to the satisfactory completion of customary due diligence, the parties have agreed to enter into a definitive agreement in respect of the Equity Investment and Option which will be announced on a mutually agreeable date.
Nanalytics develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets.