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Google Partner Novacore Labs and AIBotics Complete Acquisition of Assets, Expanding AI, Drone, Mapping and Automation Platform in Jamaica

AIBT
  • AIBotics completed the acquisition of operating assets from NovaCore Labs in Jamaica under an Asset Sale and Purchase Agreement with PlayJamaica Limited.
  • The transaction provides AIBotics with the NovaCore brand, intellectual property, software, customer data, contracts, drone and mapping assets, and operating capabilities for expansion across Jamaica and the CARICOM region.
  • Acquired physical assets include 10 service robots, six commercial drones, three field generators, Google Street View mapping equipment, and a dedicated mapping vehicle.
  • Payment consists of 22,500 shares of AIBotics Series B Preferred Stock with an aggregate stated value of $225,000.
  • The agreement includes an earn-out provision for up to $3.0 million in additional Series B Preferred Stock over four years if specific cumulative gross-revenue milestones of $500,000, $1.5 million, $3.0 million, and $5.0 million are achieved.
  • Gregory Moore will lead the acquired business as President of the operating subsidiary.
  • AIBotics and Moore plan to develop a budget targeting $1.0 million of capital deployment over a 12-month period.
  • NovaCore intends to expand institutional programs with the University of the West Indies Global Campus and the University of Technology for workforce development, training, and technical demonstrations.
  • Strategic initiatives include expanding AI, LiDAR, and geospatial services for asset management, broadening commercial drone operations, and increasing automation deployments.
  • Management plans to build on NovaCore's existing Google Street View mapping work by incorporating AI and LiDAR technologies for surface classification and infrastructure analysis.
  • The Caribbean Economic Outlook 2026 projects a combined regional GDP of approximately US$420 billion with an average real GDP growth rate of 3.4%.
  • AIBotics does not intend to identify public-sector agencies involved in active tenders unless disclosure is appropriate and authorized.