VANCOUVER, BC, Dec. 9, 2022 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) (OTCQB: MVAIF) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, is pleased to announce that the Company has completed its previously announced sale of the geology division including the DRIVER software platform to Bentley Systems, Incorporated (Nasdaq: BSY) ("Bentley") for Seequent, The Bentley Subsurface Company for $1 million CAD.
Scott Tillman, CEO & Director of Minerva stated: "With DRIVER in great hands we can now turn our focus to climate risk reporting and adaptation. climate85 our flagship climate risk product has an exciting future ahead. As we look into the new year our team is focusing on building and executing a go to market strategy for climate85."
All proceeds from the sale will be directed to the continued development and marketing of Minerva's climate85 multi-hazard application programming interface (API) for Canada. Proceeds from the sale, coupled with revenue from the Company's remaining products, including climate85, and a dramatically reduced cost structure going forward, are expected to provide the Company adequate working capital for the foreseeable future.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada focused on building technology to empower organizations to make defensible decisions in the face of climate change.
Minerva's proprietary technology has initially been applied to the assessment of physical climate risk including, but not limited to, the effects of extremes in heatwaves, precipitation events, windstorms, flooding and wildfire, however, it can be utilized in diverse industries and domains. Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI).