Brand Engagement Network (NASDAQ: BNAI) has secured $5.9 million in private placement financing and entered a $50 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors, significantly boosting its financial flexibility. These developments come as the company also announces a strategic partnership with IntelliTek Health to expand its AI-driven solutions in the healthcare sector.
The agreement with IntelliTek Health grants BEN a worldwide license to provide AI-driven solutions aimed at optimizing patient engagement across the United States, Australia, New Zealand, India, and Europe. This partnership will combine BEN's Healthcare AI Assistant, Sandy, with IntelliTek's Personal Virtual Assistant (PVA), which is part of a collaboration with Samsung Mobile Solutions and other leading telecommunications companies.
Sandy helps patients schedule appointments and obtain up-to-date information on prescription drugs, while IntelliTek's PVA and Clinical Virtual Assistant (CVA) are designed to reduce administrative burdens for clinical teams. The CVA reportedly improves administrative efficiency by up to 50%, enhancing patient throughput by up to 17%. Additionally, the agreement includes IntelliTek's hands-free, voice-enabled Document Search AI, a device-agnostic tool for real-time retrieval of medical information from various document formats.
Martyn Molnar, Chief Executive of Products at IntelliTek Health, emphasized that the cooperation with BEN will enable both companies to offer a comprehensive suite of AI solutions to address critical challenges in the healthcare industry, such as workforce and resource availability. Paul Chang, BEN’s CEO, echoed this sentiment, highlighting the potential to elevate patient experiences and healthcare professional productivity.
The collaboration aims to expand the reach of both companies’ solutions, increasing access to life-saving AI technology for healthcare providers and patients. IntelliTek already automates over 2 billion interactions and reaches more than 600 million global users, supported by seamless connectivity through more than 100 pre-built integrations for AI-driven solutions.
Prior to the IntelliTek Health agreement, BEN's $5.9 million private placement involved existing stockholders purchasing nearly 1.2 million shares of common stock, priced above the trading price at the time. Investors received additional shares and 960,000 warrants to purchase BEN’s common stock at $5.00 per share. The SEPA with Yorkville Advisors allows BEN to access up to $50 million of common stock on an as-needed basis, pending SEC approval of a registration statement.
These financial transactions are designed to help BEN expand market validation and scale production of its human-like conversational AI assistants. As the healthcare industry represents one of BEN’s primary target markets, the company aims to deliver superior customer experiences, productivity, and performance through its AI-driven solutions.
For more information about BEN, please visit www.beninc.ai.
Featured photo by National Cancer Institute on Unsplash.
