Oblong Secures $7.5 Million in Private Placement to Advance Bittensor AI and Digital Asset Initiatives

Oblong, Inc. (Nasdaq: OBLG), a leading technology services provider known for its innovative IT solutions, has announced the successful completion of a private placement to raise approximately $7.5 million. This transaction involved the sale of 1,989,392 shares of common stock (or their equivalents) at a price of $3.77 per share, in accordance with Nasdaq's at-the-market pricing rules. The offering was spearheaded by institutional investors with a keen interest in emerging technologies and digital assets. The funds raised from this private placement will be used to advance Oblong’s strategic initiatives centered around Bittensor, a decentralized machine learning network. Bittensor aims to democratize access to artificial intelligence (AI) by allowing developers and organizations to collaborate on AI models using a secure, distributed ledger. This initiative aligns with Oblong's broader goal of fostering innovation and providing cutting-edge IT solutions to its clients. In recent years, the landscape of AI and digital assets has undergone significant transformation, driven by advances in blockchain technology and the growing demand for more accessible AI tools. Oblong’s investment in Bittensor underscores its commitment to staying at the forefront of these technological shifts. By leveraging Bittensor’s capabilities, the company plans to develop new products and services that will enhance its offerings in the AI and digital asset space. “We are excited to bring on board institutional investors who share our vision for the future of AI and digital assets,” said John Doe, CEO of Oblong. “This investment will not only strengthen our financial position but also enable us to accelerate our development efforts and bring innovative solutions to market faster.” Bittensor’s decentralized nature offers several advantages over traditional AI frameworks. It allows multiple stakeholders to contribute to the training and improvement of AI models without the need for a central authority, fostering a more collaborative and transparent environment. Additionally, the security provided by the blockchain ensures that intellectual property and data remain protected throughout the development process. Oblong’s strategy includes integrating Bittensor into its existing IT solutions, enabling clients to benefit from advanced AI capabilities while maintaining data integrity and privacy. The company also intends to explore opportunities for creating digital assets and tokens that can be used within the Bittensor ecosystem, further enhancing user engagement and incentivizing contributions to the network. “The private placement is a significant milestone for Oblong as we continue to expand our role in the AI and blockchain sectors,” added Jane Smith, CFO of Oblong. “With this capital injection, we are well-positioned to pursue aggressive growth strategies and capitalize on the rapidly evolving market.” The offering is expected to close on or about October 10, 2023, subject to customary closing conditions. Oblong’s leadership team is confident that the additional resources will facilitate the company’s ambitious plans, including the development of new AI applications and the expansion of its digital asset portfolio. Oblong’s decision to invest in Bittensor reflects a growing trend among technology companies to leverage blockchain and decentralized networks to drive innovation in AI. As the tech industry continues to evolve, such collaborations are likely to become more prevalent, leading to new breakthroughs and opportunities in both AI and digital asset markets. Investors and analysts are closely watching Oblong’s move, as it signals the company’s readiness to embrace the transformative potential of blockchain and AI. With a strong focus on security, collaboration, and innovation, Oblong is poised to make significant contributions to these fields and to the broader technology ecosystem.