Bukit Jalil Global Acquisition 1 (NASDAQ: BUJA) announced this afternoon that it has signed a non-binding Letter of Intent (LOI) with the AI-driven platform Global IBO Group.
Founded in 2019, GIBO provides a suite of technologies, such as AI script, voice and image, for content creators to assist in an array of creative solutions including script writing, voice synthesis, and art restoration. This filing states that their platform, which also utilizes blockchain, helps clients turn creative concepts into verifiable IP.
The company was started with an initial capital investment from its founders and an angel investor that focused on developing AI technology for voice and audio, specifically in anime.
GIBO’s financials remain unclear for the time being, but the company’s clients are mainly based across Asia, including Taiwan, Malaysia, Singapore, India, Bangladesh, Indonesia, Thailand, Vietnam, Philippines and Myanmar.
The SPAC landscape for AI experienced a surge in the second half of 2023, highlighted by the announcement of six SPAC deals noting an AI component to their deals.
Bukit Jalil Global 1 initially filed its S-1 in June 2023, and priced its IPO for $57.5 million, including the over-allotment. The SPAC originally set out to find a target by taking a broad approach without any limitations to a particular industry or geographic location. It is led by CEO, CFO, and Chairman Seck Chyn “Neil” Foo.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, Bukit Jalil Global 1’s page will stay in SPACInsider’s searching column for now.
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