Brand Engagement Network (NASDAQ: BNAI), a company specializing in artificial intelligence (AI) solutions for consumer engagement, has made significant strides in expanding its global footprint and financial capabilities. The company recently secured $5.9 million in private placement financing and entered into a $50 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors, positioning itself for strategic growth and increased market presence.
In a move to bolster its AI-driven healthcare solutions, Brand Engagement Network (BEN) has also entered into a worldwide licensing agreement with IntelliTek Health, a subsidiary of SmarTek21. This partnership aims to combine BEN’s Healthcare AI Assistant, Sandy, with IntelliTek’s Personal Virtual Assistant (PVA) and Clinical Virtual Assistant (CVA), creating a comprehensive suite of AI solutions for the healthcare industry.
The collaboration between BEN and IntelliTek Health is expected to address critical challenges in the healthcare sector, particularly concerning workforce and resource availability. By integrating their technologies, the companies aim to improve patient experiences, enhance healthcare professional productivity, and streamline administrative processes.
Paul Chang, BEN’s CEO, expressed enthusiasm about the partnership, stating, ‘We’re proud to have found a like-minded ally in IntelliTek, as we both strive to elevate patient experiences and healthcare professional productivity with innovative AI technology.’ The agreement grants BEN a worldwide license to provide AI-driven solutions supporting healthcare operations and optimizing patient engagement across the United States, Australia, New Zealand, India, and Europe.
The combined platform is designed to offer an end-to-end suite of solutions that provides continuous support to improve healthcare access and outcomes. Notable features include BEN’s Sandy AI Assistant, which helps patients schedule appointments and obtain up-to-date prescription drug information, and IntelliTek’s Clinical Virtual Assistant, which has been shown to improve administrative efficiency by up to 50% and potentially increase patient throughput by up to 17%.
Additionally, the partnership incorporates IntelliTek’s hands-free and voice-enabled Document Search AI, a tool capable of quickly and securely retrieving specific medical information in real-time from various document formats and repositories.
The recent financial transactions completed by BEN are expected to provide the company with increased financial flexibility and access to capital. The $5.9 million private placement, supported by existing stockholders, will provide funding to the company on a monthly basis through the first quarter of 2025. The transaction involved the purchase of nearly 1.2 million shares of common stock at a price materially above the trading price at the time.
Concurrent with the private placement, BEN entered into a $50 million Standby Equity Purchase Agreement with Yorkville Advisors. This agreement provides BEN with the ability, but not the obligation, to cause Yorkville to purchase up to $50 million of BEN common stock. The SEPA is intended to offer access to capital on an as-needed basis to fund BEN’s business plan and execute its growth and revenue strategies.
These financial maneuvers are crucial for BEN as it seeks to expand market validation and scale production of its human-like conversational AI assistants. The company’s full-stack platform, which includes front-end, middleware, and back-end functionality, is designed to deliver superior customer experiences, productivity, and performance across various industries, with healthcare being a primary target market.
As the healthcare industry continues to face challenges related to resource allocation and efficiency, the partnership between Brand Engagement Network and IntelliTek Health represents a significant step towards addressing these issues through innovative AI solutions. The combination of BEN’s financial strengthening and its expanded capabilities in the healthcare sector positions the company for potential growth and increased impact in the rapidly evolving field of AI-driven healthcare technologies.
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