Las Vegas-based investment company Horizons Holdings International Corp. has acquired Israeli artificial intelligence bot developer PAI-Tech Artificial Intelligence LTD, the companies announced Tuesday. According to the agreement, Horizons Holdings has issued 10,500,000 common shares to PAI-Tech with funding commitment up to $1 million in working capital for the next twelve months. The deal, valued at $8.8 million, is pending regulatory approval.
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Founded in 2018 and based in Tel Aviv, PAI-Tech offers software that serves as an operational system for the development of intelligent bots for a variety of sectors and industries. The company was founded through Israeli fintech foundry and innovation center The Floor, which focuses on technology for the banking sector. PAI-Tech has received $1.5 million in funding from the Floor and other investors, according to the company. The company employs six people.
Following the acquisition, PAI-Tech will serve as the technological arm of Horizons Holdings, PAI-Tech CEO Tamir Fridman told Calcalist Tuesday. The $1 million Horizons Holdings has committed will allow the company to grow significantly, he said.