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BEN’s advanced and engaging consumer AI interfaces support clients whose priority is to dramatically improve customer service while driving efficiency in their operations.
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BEN’s human-like experience embeds advanced security, trained with pre-ingested corporate and customer data, enabling companies to quickly deploy AI technologies without the concerns of utilizing Public LLM’s.
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BEN’s proprietary platform enables companies and industries to expand and improve customer experience, with a focus on those that have a significant workforce gap such as automotive, healthcare and customer service.
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Patent portfolio spans conversational AI, sensory-data and data security features that allow BEN’s AI to enhance communications and the consumer’s ability to absorb information.
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The transaction values BEN at a pro-forma enterprise value and pro-forma equity value of approximately $358 million and $398 million, respectively.
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Any cash proceeds from the transaction are expected to partially fund growth initiatives, accelerate go-to-market, scale production and expand the portfolio of BEN’s core solutions through product development and potential acquisitions.
Brand Engagement Network (“BEN”), a provider of personalized customer engagement AI technology and human-like AI avatars, and DHC Acquisition Corp.,a special purpose acquisition company led by veteran technology investors (“Sponsors”), announced they have entered into a definitive business combination agreement that is expected to result in the combined company (the “Combined Company”) being listed on Nasdaq under the symbol “BNAI”.
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The proposed business combination (“Business Combination”) is expected to provide BEN with improved access to new sources of capital, accelerate M&A opportunities, and fund growth initiatives and development of the core solution portfolio.
Michael Zacharski, CEO of BEN, said:
“The announcement today to agree to go public via this combination with DHC represents a remarkable milestone in BEN’s journey. BEN’s Al systems bring a deeper level of comprehension, empathy, and understanding to human-machine interactions. The backbone of BEN’s success is a rich platform of conversational AI modules that drive better, more personalized customer experience and increased operational efficiencies. We expect this transaction, in partnership with the remarkable team at DHC, to propel our efforts globally and open a pathway for public investors to participate in our important work.”
Chris Gaertner, Co-CEO & CFO of DHC, said:
“Our objective since founding DHC has been to both identify and assist an innovative technology company in its transition to the public markets, and we firmly believe that BEN is the right fit for us and the current market backdrop. The impressive leadership team at BEN has deep expertise in AI, a track record of scaling disruptive technologies and is well-positioned for sustained growth.”
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BEN Investment Highlights
- Attractive demand backdrop for AI. Significant demand for next generation AI-powered applications, as they provide superior user experience relative to legacy solutions in areas where there are limited resources.
- Enterprise ready AI platform. Enterprise hardened AI application set optimizes costs and is ready for deployment. Embedded features are designed to assist compliance and safety, including by ingesting policies, contracts, master data, and educational modules.
- Vertically-focused customer acquisition strategy. Early industry targets include the automotive, healthcare and financial services sectors. Certain of our early customers are also our channel partners where BEN can leverage brand recognition and reach.
- Large, fast growing addressable market. Benefitting from macro and secular trends, the conversational AI technology market is expected to grow to ~$30 billion by 2028.
- Patent portfolio. Our proprietary IP delivers “human like” AI interaction through integrated perception, understanding and response. Set of patents now includes 21 active patents and 19 patents pending worldwide.
- Industry leading talent. Senior leadership team possesses decades of experience and successful track record of M&A and integration.
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