Business Oxygen to Invest $1 Million in Fusemachines

Business Oxygen will invest $1 Million in Fusemachines, a New York-based company that builds AI solutions for schools and enterprises. Fusemachines say it will execute the funds to expand its Nepal team including the addition of at least 200 new engineers.

Business Oxygen (BO2) is a private equity company that facilitates bringing in foreign investments to help local enterprises grow. Its collaboration with the Fusemachines will help the AI and education solutions provider advance its technology and reach thousands of more audiences.

Fusemachines, a noted AI and education solutions provider has received a $1 million investment in foreign direct investment (FDI) from Business Oxygen. The company will execute the funds to expand its Nepal team including the addition of at least 200 new engineers.

Business Oxygen (BO2) is a private equity company that facilitates bringing in foreign investment to help local enterprises grow. Its collaboration with the Fusemachines will help the AI and education solutions provider advance its technology and reach thousands of more students.

Fusemachines says it will use the funds to grow its Nepal team. It has announced the plans to hire at least 200 new engineers as it seeks to boost its human resources for further projects. It also said the funds will be used to improve its AI education programs in the country.

Also read: Dolma Impact Fund to Invest 46 Crores in Foodmandu

BO2’s Investment in Fusemachines to Help it Propel its Ongoing Efforts

Business Oxygen’s investment in Fusemachines will help the company continue and further its ongoing efforts. “Since we launched our AI Shikshya in Nepal initiative in 2018, we have continually strived to make an impact around AI reskilling and upskilling for both the technology and non-technology audiences in Nepal,” said Sameer Maskey, CEO of Fusemachines.

“With this recent round of funding, we hope to further bolster our ongoing efforts, while significantly adding new, credible talent to our employee base.”

“We appreciate how Fusemachines has made a tangible shift in Nepal’s AI education and employment landscape and are excited to support their vision of AI talent generation in Nepal,” said Siddhant Raj Pandey, chairman, and CEO of BO2.

Fusemachines was founded in 2013 by Samer Maskey. With a motto to democratize AI, the company builds AI programs for schools and enterprises for both private and government sectors.

The company has expanded its services over the years to increase its presence in the Nepali service sectors. Some of its initiatives include AI2Go workshops for non-technical professionals, Fuse AI Center for offering AI courses among others.

Check out: Worldlink buys 40% stake in Khalti

With Digital Nepal Framework driving the ICT sphere of Nepal, AI solution providers such as Fusemachines are likely to grow in relevance with their applications growing far and wide in service sectors.

As COVID-19 cases spike again, the online shift could again become the norm. How encouraging Nepal’s ICT path has been in recent years? Do leave your opinion in the comments section below.

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