Engaged in advancing innovative solutions for large-scale market applications
Tel Aviv, Israel, April 13, 2023 — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today it has acquired 19.9% of Metagramm Software Ltd. (“Metagramm”), an innovative AI, machine learning (ML) communication and grammar assistant software. In return, Medigus paid Metagramm $250,000 in Medigus’ common shares.
Metagramm is one of the first companies to develop grammar and language assistance tools and technology for users. Metagramm has an advanced grammar engine based on proprietary AI algorithms and natural language processing (NLP) technology.
Metagramm offers tools for writing and reviewing, grammar, spelling, punctuation and style features as well as translation and multilingual dictionaries.
According to Market Research, the market for grammatical error corrector (GEC) and writing enhancement software is expected to reach over $750 million in 2026 with an impressive compound annual growth rate, led by companies like Grammarly and Wordtune.
The Company will issue Metagramm common shares at a total value of $250,000 at the average price of Medigus’ share in the 30 days prior to the closing. In addition, Medigus will extend Metagramm a loan in the amount of $250,000 in three installments, the first installment of which will be granted at closing. The loan will be repaid from Metagramm’s existing and future profits and is secured by the shares of all other current Metagramm shareholders.