Immersed is among the leading enterprise productivity providers of spatial computing software that allows users to work full-time in virtual AR/VR spaces, with over 730,000 unique users to date
The transaction values Immersed at $150,000,000
Proceeds from the transaction are expected to enable Immersed to complete the development of its cutting-edge AI assistant, "Curator", and deliver its purpose-built, lightweight headset, "Visor"

AUSTIN, Texas, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Immersed Inc., a leading provider of enterprise AI productivity solutions that use spatial computing to digitally transform the working environment ("Immersed" or the "Company") and Maquia Capital Acquisition Corp. (NASDAQ:MAQCU) ("Maquia"), a publicly traded special purpose acquisition company, announced today that they have entered into a definitive business combination agreement that will result in Immersed becoming a publicly listed company. The transaction values Immersed at $150,000,000.

Upon closing, the Company is expected to be named "Immersed Inc." and its common stock is expected to trade on The Nasdaq Stock Market under the ticker symbol "AIMR". The Company will continue to be headquartered in Austin, Texas, and will continue to be led by Renji Bijoy (Forbes 30 Under 30, 2021 and Georgia Tech Hall of Fame, 2021), Founder and CEO of Immersed.

Founded in 2017, Immersed has developed some of the leading spatial computing software optimized for enterprise, that allows users to work full-time with their team in virtual AR/VR spaces. Immersed is also developing purpose-built, light weight, spatial computing hardware that bridges the physical world to the virtual world (the "Visor") and an AI assistant trained for enterprise office productivity using a multi-modal Large Language Model (LLM) named "Curator", that it believes has the potential to vastly increase worker productivity and save significant time and costs. With Immersed's innovative spatial computing software and AI-driven solutions, Immersed believes it is well positioned to help organizations adapt to the changing dynamics of the workforce and equip employees with the skills and capabilities needed for the jobs of the future.

Immersed's application has already had over 730,000 unique users to date and its success can be seen by the number of hours that users have spent working in it. Immersed users have spent 20 million minutes working in the Immersed application just this past quarter alone and monthly active user usage to date reached a peak of about 87,000 monthly active users (as of May 2023).

"Seeing beyond the current hype is challenging for most startups, but the Immersed team has been focused on delivering an enduring experience for spatial computing," says Immersed advisor Joe Lonesdale, co-founder of Palantir, current managing partner of 8VC, and early investor in Oculus.

"Post covid, flexible working is here to stay. As companies are forced to find remote working solutions, we have built the leading Enterprise AI Solution to allow users to connect and work full-time in virtual spaces," says Renji Bijoy, Founder and CEO of Immersed. "Immersed is among the most used spatial computing software available today. Our users have spent the equivalent of approximately 170 work years, or nearly 2 whole centuries, in Immersed just this past quarter. We believe going public will best position us to grow faster and stronger, to lead the market as we roll out our Enterprise AI solution and our purpose-built Visor. Upon a successful business combination and assuming no redemptions from Maquia's trust account, Immersed expects to have access to sufficient capital to execute its vision to disrupt and lead the Enterprise AI space," adds Renji.

"I am thrilled to partner with Renji and the entire team at Immersed as they continue to help global enterprises create efficiencies in their workforce through cutting-edge spatial computing software and build their ability to derive actionable intelligence from a global, full-stack artificial intelligence platform," said Guillermo Eduardo Cruz, COO of Maquia. "We believe this combination is highly compelling based on Immersed's innovative technology and potential to disrupt an entire sector in the future."

In connection with executing the business combination agreement, Immersed has executed $1.95 million in strategic bridge financing by entering into convertible notes with All Blue Capital, Pat Gelsinger (Intel's CEO), Tim Tebow, Sovereign Capital, and others.

Additional information about the proposed transaction, including a copy of the definitive business combination agreement, will be included in one or more Current Reports on Form 8-K to be filed by Maquia with the Securities and Exchange Commission ("SEC") and available at www.sec.gov.

Benzinga

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