VerticalScope invests $6.1M in Canadian AI firm AltaML

VerticalScope Holdings Inc. (TSX: FORA; OTCQX: VFORF) announced a $6.1 million investment in AltaML Inc., a Canadian applied artificial intelligence company headquartered in Edmonton, Alberta.

The investment is structured as an 18-month, interest-bearing, secured promissory note issued by AltaML to VerticalScope. AltaML also issued a five-year warrant exercisable by VerticalScope for preferred shares in AltaML as additional consideration.

AltaML, founded in 2018, develops AI solutions including agentic workflows, large-language-model integrations and automation tools for government and enterprise clients across the energy, legal, technology and financial services sectors. The company is also the developer of AltaForge, a proprietary agentic-AI platform.

AltaML intends to use the proceeds to refinance existing convertible notes and fund working capital, continued development of the AltaForge platform and go-to-market activities.

The investment builds on an existing commercial relationship in which VerticalScope engaged AltaML as an enterprise client to deploy applied AI across its platform and operations.

The transaction is classified as a related party transaction under Multilateral Instrument 61-101, as Cory Janssen, CEO of AltaML, serves on VerticalScope's Board of Directors. Janssen declared a conflict of interest and did not participate in the Board's review or approval of the investment. VerticalScope was exempt from requirements to obtain a formal valuation or minority shareholder approval.

Toronto-based VerticalScope operates a cloud-based digital platform for online enthusiast communities, with a portfolio of over 1,200 online communities and approximately 90 million monthly active users.

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