On Monday, 11 year-old Alt, of Tokyo, filed for a debt re-structuring process a year after its IPO. Alt went public on the Tokyo exchange last October with a valuation if $130 million.
Alt offered ‘PAI’ – Personal AI – which claimed to deliver AI-generated digital human clones. The blurb says: “P.A.I. enables the perpetual preservation of personal memories the delegation of intent, unlocking human augmentation throughu diversification of consciousness..”
At a press event, company execs appeared on stage with their cloned AI alter egos doing the talking for them on-screen
Alt said it made money through AI Gijiroku, a subscription service that automatically transcribes meetings. The blurb says: “With the Zoom integration, conversations in meetings and webinars are converted to text on the screen in real time, and minutes are automatically saved after the call is over. The visualisation of conversations deepens understanding and increases productivity even when working remotely.”
Investigators found that between 78% and 91% of Alt’s reported sales from 2021 to 2024 had been inflated. In June, the company said it had identified a “potential overstatement of revenues”.
Yesterday, Hiromi Yamaji, group CEO of Japan Exchange Group, the operator of the TSE, said the irregularities were “very regrettable as they shaken the credibility of the initial public offering and audit systems.”
The Nikkei’s reporter interviewed a clone of Alt’s CEO but, despite requests, was never offered an interview with the man himself. When the reporter asked the cloned CEO why the actual Mr Yonekura had built Alt, the clone replied that he hoped to eliminate all forms of “sad work” — tasks that are monotonous, repetitive and routine — and create a world where people could focus on more creative and fulfilling pursuits
Alt has filed for re-structuring but, in the apparent absence of backers, may not proceed with the process.
