Arizona State University is first to Utilize
VerifyU’s Blockchain and AI for Secure, Real-Time Academic
Verification
Datavault Expects to License VerifyU to 20 to
30 Educational Institutions in 2025, Saving Participating
Universities Time and Money
Data Vault Holdings, Inc.®, which is under a definitive asset
purchase agreement to sell its Datavault® and ADIO® IP and IT
assets to WiSA Technologies, Inc. (NASDAQ: WISA), today announced
the launch of VerifyU in collaboration with Arizona State
University (ASU) and its Luminosity Lab. The VerifyU platform
provides secure, real-time blockchain-based academic credential
verification, a key solution for students, educational
institutions, and employers who rely on trustworthy and efficient
methods to confirm qualifications.
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the full release here:
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Executive Director of the ASU Knowledge Enterprise Mark Naufel
stated: "VerifyU sets a new standard for secure, seamless
credential verification that meets the essential needs of both
educational institutions and employers. Our collaboration with
Datavault has created a platform that combines academic
institutions with practical, scalable solutions. VerifyU is helping
to bring a much welcome change in the way academic credentials are
verified by ensuring data integrity, reducing time and lowering
costs for all parties involved."
Datavault CEO Nathaniel Bradley said: "By harnessing
cutting-edge technologies like blockchain and AI VerifyU addresses
both the needs of students and the requirements of employers and
academic institutions. Our platform ensures academic qualifications
are verified quickly and securely, giving students the tools they
need to showcase their achievements with confidence. VerifyU has
the potential to significantly lower universities’ administrative
costs as well as drive revenue to the university, and our goal is
license VerifyU to 20 to 30 educational institutions in 2025.”
The global education verification service market was valued at
US $110 billion in 2023 and is estimated to reach US $177 billion
by 2030, growing at a CAGR of 10% from 2024 to 2030.1 Current
processes are time-consuming and prone to fraud and
misrepresentation; studies indicate that up to 70% of applicants
falsify information on their resumes.2 VerifyU offers a real-time,
tamper-proof system that reduces both time and cost, providing
immediate access to verified credentials for employers, graduate
admissions, and other stakeholders.
As concepts like digital badges and micro-credentials gain
relevance, VerifyU’s blockchain-based solution creates an immutable
record of academic achievements, ensuring that verifications are
instantly accessible and fully transparent. This system ensures
that credentials are secure and trusted, enhancing the hiring
process for employers and strengthening institutional credibility.
VerifyU plans to charge a one-time fee to students for lifetime
access to the VerifyU platform. According to the National Center
for Educational Statistics, the number of graduating students with
either a bachelor’s, master’s or Ph.D. continues to increase with
over 2 million students graduating with a bachelor’s degree in 2022
and over 1 million students graduating with either a master’s
degree or Ph.D. Revenue will be shared between Datavault and the
participating university.
1Verified Market Reports:
https://www.verifiedmarketreports.com/product/education-verification-service-market/
2Forbes:
https://www.forbes.com/sites/bryanrobinson/2023/11/05/70-of-workers-lie-on-resumes-new-study-shows/
About Data Vault Holdings Inc.
Data Vault Holdings Inc. is a technology holding company that
provides a proprietary, cloud-based platform for the delivery of
blockchain objects. Data Vault Holdings Inc. provides businesses
with the tools to monetize data assets securely over its
Information Data Exchange® (IDE). The company is in the process of
finalizing the consolidation of its affiliates Data Donate
Technologies, Inc., ADIO LLC, and Datavault Inc. as wholly owned
subsidiaries under one corporate structure. Learn more about Data
Vault Holdings Inc. here.
About WiSA Technologies
WiSA Technologies, Inc. (NASDAQ: WISA) is a leading provider of
immersive, wireless sound technology for intelligent devices and
next-generation home entertainment systems. Working with leading CE
brands and manufacturers such as Harman International, a division
of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and
others, the company delivers immersive wireless sound experiences
for high-definition content, including movies and video, music,
sports, gaming/esports, and more. WiSA Technologies, Inc. is a
founding member of WiSA™ (the Wireless Speaker and Audio
Association) whose mission is to define wireless audio
interoperability standards as well as work with leading consumer
electronics companies, technology providers, retailers, and
ecosystem partners to evangelize and market spatial audio
technologies driven by WiSA Technologies, Inc. The company is
headquartered in Beaverton, OR with sales teams in Taiwan, China,
Japan, Korea, and California. Learn more about Wisa here.
About Luminosity Lab
The Luminosity Lab at Arizona State University is a pioneering
think tank incubator dedicated to advancing technology and
innovation. It serves as a catalyst for groundbreaking projects by
integrating cutting-edge research with practical applications. The
lab focuses on emerging technologies such as artificial
intelligence, blockchain and data analytics to address complex
problems and drive progress in various fields. Through researchers,
industry partners and student collaboration, the Luminosity Lab
aims to develop solutions that have a meaningful impact on society
and industry. For more information, visit Luminosity Lab's
website.
About Arizona State University
Arizona State University (ASU) is a public research university
located in Tempe, Arizona. Known for its innovative approach to
education and research, ASU offers a broad range of undergraduate
and graduate programs across various disciplines. The university is
dedicated to addressing global challenges through its research
initiatives and partnerships, including collaborations with
industry leaders and technological pioneers. For more information,
visit ASU's website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements,
include, among others, the Company’s and Datavault’s expectations
with respect to the proposed Business Combination between them,
including statements regarding the benefits of the Business
Combination, the anticipated timing of the Business Combination,
the implied valuation of Datavault, the products offered by
Datavault and the markets in which it operates, and the Company’s
and Datavault’s projected future results. Readers are cautioned not
to place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of a variety of factors,
including, but are not limited to, risks and uncertainties
impacting WiSA’s business including, risks related to our current
liquidity position and the need to obtain additional financing to
support ongoing operations, our ability to continue as a going
concern; our ability to maintain the listing of our common stock on
Nasdaq and other drivers, our ability to predict the timing of
design wins entering production and the potential future revenue
associated with design wins; rate of growth; the ability to predict
customer demand for existing and future products and to secure
adequate manufacturing capacity; consumer demand conditions
affecting customers’ end markets; the ability to hire, retain and
motivate employees; the effects of competition, including price
competition; technological, regulatory and legal developments;
developments in the economy and financial markets; potential harm
caused by software defects, computer viruses and development
delays; risks related to our proposed Business Combination,
including our ability to obtain stockholder approval and any
regulatory approvals required to consummate the transactions and
our ability to realize some or all of the anticipated benefits
therefrom, which may be affected by, among other things, costs
related to the Business Combination, competition and the ability of
the post-combination company to grow and manage growth
profitability and retain its key employees; the risk that the
Business Combination may not be completed in a timely manner or at
all, which may adversely affect the price of the Company’s
securities; the occurrence of any event, change or other
circumstance that could give rise to the termination of the Asset
Purchase Agreement; the receipt of an unsolicited offer from
another party for an alternative transaction that could interfere
with the Business Combination; the effect of the announcement or
pendency of the Business Combination on our and Datavault’s
business relationships, performance, and business generally; the
outcome of any legal proceedings that may be instituted against us
or Datavault following the announcement of the proposed Business
Combination; the risk of any investigations by the SEC or other
regulatory authority relating to any future financing, the Asset
Purchase Agreement or the Business Combination and the impact they
may have on consummating the transactions; the ability to implement
business plans, forecasts, and other expectations after the
completion of the proposed Business Combination, and identify and
realize additional opportunities; any risks that may adversely
affect the business, financial condition and results of operations
of Datavault, including the risk that Datavault is unable to secure
or protect its intellectual property; our ability to protect our
intellectual property; the post-combination company’s ability to
establish, maintain and enforce effective risk management policies
and procedures; the post-combination company’s ability to protect
its systems and data from continually evolving cybersecurity risks,
security breaches and other technological risks; the risk that the
post-combination company’s securities will not be approved for
listing on Nasdaq or if approved, maintain the listing; and other
risks detailed from time to time in the Company’s filings with the
U.S. Securities and Exchange Commission. The information in this
press release is as of the date hereof and neither the Company nor
Datavault undertakes no obligations to update unless required to do
so by law. The reader is cautioned not to place under reliance on
forward looking statements. Neither the Company nor Datavault gives
any assurance that either the Company or Datavault, or the
post-combination company, will achieve its expectations.
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed Business Combination. This presentation
shall not constitute an offer to sell, or the solicitation of an
offer to buy, nor will there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of such state or jurisdiction. No
offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act, or an exemption therefrom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240924022192/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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