Ann Arbor’s Amesite Inc., a development-stage artificial intelligence software company targeting the college course market, Thursday announced the closing of a $5.5 million private placement financing, including about $1 million from insiders, and the completion of a go-public transaction through a reverse merger with Lola One Acquisition Corp.
Following the reverse merger transaction, the company changed its name to Amesite Inc.
Proceeds from the transaction will be used to accelerate product development and other general corporate purposes, including working capital and capital expenditures.
“With this financing, we will be able to accelerate the development and commercialization of our online learning solutions for colleges, universities, faculty, and students,” says Ann Marie Sastry, CEO of Amesite. “Utilizing machine learning and artificial intelligence technologies, we plan to offer and deliver cost effective cloud-based digital versions of lower level courses that will greatly enhance and improve the learning experience of students.”
Following the completion of the reverse merger transaction, the company’s board of directors has five members: Sastry, Michael Losh, Edward H. Frank, Richard Ogawa, and Anthony M. Barkett.
Laidlaw and Co. Ltd. of the United Kingdom acted as the exclusive placement agent for the offering.