Unless otherwise stated, all amounts are in US dollars.
VerticalScope Holdings Inc. (“VerticalScope” or the “Company”) (TSX: FORA; OTCQX: VFORF), a technology company that has built and operates a cloud-based digital platform for online enthusiast communities, today announced an approximately $6.1 million investment in AltaML Inc. (“AltaML”), a Canadian applied artificial intelligence company. The investment takes the form of an 18-month, interest-bearing, secured promissory note issued by AltaML to the Company. AltaML also issued a five-year warrant exercisable by VerticalScope for preferred shares in AltaML, providing the Company with equity participation in AltaML as additional consideration.
The investment builds on VerticalScope’s existing relationship with AltaML, which VerticalScope engaged as an enterprise client to deploy applied AI across its platform and operations. The Company views applied AI as an important part of its longer-term strategy, and the investment deepens that relationship.
AltaML, founded in 2018, is an applied-AI company that delivers production-grade agentic workflows, large-language-model integrations and automation solutions to governments and enterprise clients in sectors including energy, legal, technology and financial services. AltaML uses a forward-deployed engineering model, embedding technical AI specialists directly with client teams, and is the developer of AltaForge, a proprietary agentic-AI platform.
AltaML intends to use the proceeds to refinance existing convertible notes and for working capital and continued investment in its AltaForge platform and go-to-market activities.
“Applied AI is an important part of how we are building VerticalScope for its next phase of growth,” said Chris Goodridge, Chief Executive Officer of VerticalScope. “We have worked with AltaML as an enterprise client, and this investment deepens that relationship as we apply AI across our communities and operations.”
“We are pleased to welcome VerticalScope as an investor,” said Cory Janssen, Co-Founder and Chief Executive Officer of AltaML. “This financing supports continued investment in our AltaForge platform and our enterprise and government growth.”
Related Party Matters
Cory Janssen, Chief Executive Officer of AltaML, is a member of VerticalScope’s Board of Directors. Mr. Janssen declared a conflict of interest with respect to this transaction and did not participate in the Board’s review or approval of the investment. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, the transaction is a “related party transaction”. VerticalScope was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the transaction.
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