Kathmandu — Fusemachines, a global AI company founded by Nepali entrepreneur Dr Sameer Maskey, is set to make history as the first Nepali-origin company to be listed on the prestigious US stock exchange NASDAQ. The announcement comes after the company signed a definitive agreement for business combination with CSLM Acquisition Corp, a special purpose acquisition company (SPAC).

Headquartered in New York with operations spanning across Asia, Canada, the USA, and Latin America, Fusemachines focuses on democratizing AI through its enterprise AI products and solutions. The company, founded in 2013, has played a significant role in AI Enterprise Transformation, utilizing proprietary AI Studio and AI Engines.

The merger agreement with CSLM, a Nasdaq-listed company, involves an investment of approximately US$20 million for working capital purposes. The total valuation of Fusemachines is reported to be $200 million (Rs 25 billion). The funds injected will support the development of new products, according to Dr Sameer Maskey, the founder and CEO of Fusemachines.

The merger’s goal is to be listed on Nasdaq by the end of the second quarter of 2024, marking a significant milestone for the company and a historic moment as the first Nasdaq-listed company of Nepali origin. The collaboration with CSLM is seen as a strategic move, positioning Fusemachines to lead the way in shaping the future of democratizing AI.

Dr Sameer Maskey, also an Associate Professor at Columbia University, expressed his excitement, stating, “Our business combination with CSLM positions us to strategically lead the way in shaping the future of democratizing AI and leaving a lasting impact across industries.”

Charles Cassel, CEO and CFO of CSLM, highlighted the strategic alignment, saying, “We are very excited to be partnering with Fusemachines. With significant operations in Nepal, their cutting edge development of AI engines and solutions for US and developed market enterprise clients is precisely the profile that we believe embodies the impact that investors can make and profit from in high growth opportunities available in Frontier and Emerging Markets.”

The listing on Nasdaq is anticipated to provide Fusemachines with additional capital and financial flexibility, fostering further growth and expansion for the company. The Gala ceremony for the historic listing is expected to take place by the end of the second quarter