Nepali company 'Fusemachines' set to be listed on the American Stock Exchange

Published On: January 24, 2024 10:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Jan 24: Fusemachines, a company operated by an entrepreneur of Nepali origin working in the field of Artificial Intelligence (AI), is set to be listed on the US Stock Exchange NASDAQ.

The company is set to be listed on the NASDAQ after it signed a definitive agreement for business combination with CSLM Acquisition Corp, a special purpose acquisition company, on Tuesday. 

In 2013, Nepali entrepreneur Dr Sameer Maskey started the company, which is now set to be the first company of Nepali origin to be listed on the world's prestigious stock exchange Nasdaq.

Fusemachines is headquartered in New York with operations across Asia, Canada, USA and Latin America. Fusemachines is a global provider of enterprise AI products and solutions on a mission to democratize AI. Leveraging proprietary AI Studio and AI Engines, the company helps drive the clients’ AI Enterprise Transformation, regardless of where they are in their Digital AI journeys.

With products such as AI Studio and AI Engines along with a global AI talent pool cultivated through the flagship AI Fellowship programs, the organization is uniquely positioned to help customers build industry specific and problem specific AI Solutions with high ROI. Fusemachines customers such as TIME and OTG have relied on Fusemachines for many years.

A merger agreement has been signed between Fusemachines and CSLM Acquisition Company with the goal of listing on Nasdaq. CSLM is a company listed and trading in Nasdaq.

After the agreement, Fuse Machine will receive an investment of approximately US$ 20 million from CSLM for working capital purposes. Maskey, the founder and chief executive officer of Fuse Machine, said that the amount will help to develop new products.

The total value of the fuse machine is $ 200 million (Rs 25 billion), according to Maskey.

Both companies have stated that the merger agreement has been advanced to be listed on Nasdaq by the end of the second quarter of 2024.

Stating that being listed in Nasdaq is a big milestone for his company, Maskey said that the listing of a company of Nepali origin is also historic in itself. “Our business combination with CSLM positions us to strategically lead the way in shaping the future of democratizing AI and leaving a lasting impact across industries. The additional capital and financial flexibility from this transaction will empower improved products and fuel growth and expansion,” he said. 

Similarly, Charles Cassel, Chief Executive Officer and Chief Financial Officer of CSLM said, “We have been methodically searching to identify a long-term, co-investment opportunity for our affiliates, and we are very excited to be partnering with Fusemachines. With significant operations in Nepal, their cutting edge development of AI engines and solutions for US and developed market enterprise clients is precisely the profile that we believe embodies the impact that investors can make and profit from in high growth opportunities available in Frontier and Emerging Markets.”

Born in Kathmandu, Dr Maskey has been working in the field of artificial intelligence after receiving higher education from an American university. He is also an Associate Professor at Columbia University.

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