AIBotics Buys NovaCore Labs Assets to Expand Mapping and Robotics in Jamaica

AIBotics, Inc. has completed the acquisition of the operating assets of Kingston-based NovaCore Labs from PlayJamaica Limited, according to a report published by Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/google-partner-novacore-labs-aibotics-205200820.html?.tsrc=rss). The transaction gives the autonomous systems company an operational foothold in Jamaica and the broader CARICOM region.

Under the asset purchase agreement, AIBotics issued 22,500 shares of Series B Preferred Stock with an aggregate stated value of $225,000 to acquire NovaCore's intellectual property, brand, software, customer data, contracts, and hardware. The deal structure also incorporates an earn-out of up to $3.0 million in additional Series B Preferred Stock over four years, tied to cumulative gross revenue milestones of $500,000, $1.5 million, $3.0 million, and $5.0 million. Each milestone corresponds to $750,000 in additional preferred stock.

The acquired physical inventory includes 10 service robots, six commercial drones, three field generators, a dedicated mapping vehicle, and equipment previously deployed for Google Street View initiatives in Jamaica. AIBotics plans to use the assets to establish service lines covering AI- and LiDAR-enabled geospatial mapping, surface classification, asset management, and commercial drone operations.

NovaCore co-founder Gregory Moore will lead the operating subsidiary as president. Moore and AIBotics management plan to establish a budget targeting $1.0 million in capital deployment over a 12-month period.

The company also plans to expand institutional partnerships with the University of Technology and the University of the West Indies Global Campus, focusing on technical demonstrations, apprenticeships, and workforce training programs. AIBotics noted it will not disclose public-sector agencies participating in active procurement tenders until formal authorization is granted.