VSBLTY is one of five companies getting in on the ground floor of Austin GIS. The new start-up will go after large scale Infrastructure-as-a-Service (IaaS) projects, and is being launched with $6 million in seed funding from its five founding partners.
VSBTLY is one of those five partners, and will be contributing $1 million in Series A Preferred Stock during the initial round. In exchange, VSBLTY will receive a 10 percent stake in Austin GIS, along with preferential rights for dividends, liquidation, and other business doings in the future.
The other founding partners include HCL Technologies and Tech Mahindra, both of which are putting about $1.25 million into the project. That translates to a 13.9 percent share for HCL and a 13.8 percent share for Tech Mahindra. The group is yet to disclose the identities of the final two partners, but revealed that one is a Fortune 500 company and that both will be revealed at a later date.
Austin GIS itself will utilize machine learning and computer vision technologies to try to capture a portion of the emerging IoT and 5G RAN markets. As a founding partner, VSBLTY will serve as the company’s exclusive provider of computer vision tech, and will place a particular emphasis on device and retail and smart city analytic services.
“VSBLTY is excited to be joining other leading global tech companies as partners in this strategic ground floor joint venture,” said VSBLTY Co-founder and CEO Jay Hutton.
Tech Mahindra is already collaborating with VSBLTY to build a massive smart retail network in Latin America. VSBLTY signed an initial letter of intent with Grupo Modelo, and Tech Mahindra signed on in June to provide infrastructure and ongoing support services. VSBLTY, meanwhile, recently got listed on the OTCQB Venture Market for mid-tier start-ups that are still growing as entrepreneurial entities.
September 10, 2021 – by Eric Weiss