USA
Fusemachines, a global leader in Artificial Intelligence (AI) solutions founded by Nepali entrepreneur Dr Sameer Maskey, is poised to become the first company of Nepali origin listed on the prestigious US Stock Exchange NASDAQ. The groundbreaking development follows the signing of a definitive agreement for a business combination with CSLM Acquisition Corp, a special purpose acquisition company, on Tuesday.
Established in 2013 by Dr Sameer Maskey, Fusemachines has its headquarters in New York and operates across Asia, Canada, USA, and Latin America. The company specializes in providing enterprise AI products and solutions with a mission to democratize AI, making it accessible globally. Leveraging its proprietary AI Studio and AI Engines, Fusemachines assists clients in their AI Enterprise Transformation, regardless of their current stage in the digital AI journey.
The merger agreement between Fusemachines and CSLM Acquisition Company marks a pivotal step towards the Nasdaq listing. CSLM, a company already listed and trading on Nasdaq, will provide approximately US$20 million in investment to Fusemachines for working capital purposes as part of the deal.
Dr Sameer Maskey, the founder and CEO of Fusemachines, expressed his excitement about the milestone, emphasizing the significance of being the first Nepali-origin company on Nasdaq. “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,” Maskey stated. He added that the additional capital from the transaction will empower the development of new products, fuel growth, and expansion.
The total value of Fusemachines is reported to be $200 million (Rs 25 billion), according to Maskey. Both companies are targeting Nasdaq listing by the end of the second quarter of 2024, with aspirations to play a transformative role in the global AI landscape.
Charles Cassel, CEO and CFO of CSLM, shared his enthusiasm for the partnership, stating, “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.”
Dr Sameer Maskey, born in Kathmandu, has been at the forefront of AI innovation after completing his higher education in the United States. In addition to leading Fusemachines, he serves as an Associate Professor at Columbia University. The listing of Fusemachines on Nasdaq not only marks a major achievement for the company but also represents a historic moment for Nepali entrepreneurship in the global arena.
