AIBotics buys NovaCore’s Jamaican robotics and mapping assets in stock deal

AIBotics now has a Jamaican operating base to build on rather than one it still expects to acquire. On October 16, 2026, the company said it completed its purchase of NovaCore Labs’ operating assets from PlayJamaica Limited. The stock-funded deal brings robots, drones, mapping equipment and customer relationships into its planned Caribbean expansion.

From an April timetable to an October completion

The acquisition had been in preparation for months. In an April 30 update, AIBotics said it expected to close in the second quarter, subject to customary conditions. That announcement described a transaction previously outlined in a letter of intent. The October announcement moves the story from an expected purchase to a completed asset transaction.

NovaCore was not presented as a business starting from scratch. In April, AIBotics described a supermarket pilot and cleaning-robot tests across two major hotel chains in Jamaica. Those were company-reported deployments at that time, not new deployments announced with the acquisition’s completion.

The acquired hardware includes 10 service robots, six commercial drones, three field generators, Google Street View mapping equipment and a dedicated mapping vehicle. The package also includes the NovaCore brand, intellectual property, software, customer data, contracts and operating methods. It is an acquisition of specified operating assets from PlayJamaica, rather than an announced purchase of PlayJamaica itself.

Stock now, more stock if revenue follows

AIBotics paid with 22,500 shares of Series B Preferred Stock. The agreement separates that initial consideration from an earn-out: additional shares become payable if the acquired business reaches specified revenue targets. The stated dollar amounts describe preferred-stock consideration, not a cash payment.

$225,000Initial stock consideration

Aggregate stated value of the 22,500 preferred shares issued for the assets.

Up to $3 millionContingent additional stock

Potential additional preferred-stock consideration over four years, conditional on cumulative gross-revenue milestones.

The four cumulative gross-revenue milestones are $500,000, $1.5 million, $3 million and $5 million. Each triggers $750,000 in additional preferred-stock consideration. The payment mechanism therefore links the seller’s additional consideration to revenue generated by the acquired business over the earn-out period.

Moore’s next task: turn the assets into services

NovaCore co-founder Gregory Moore is to lead the acquired business as president of the operating subsidiary. Under the agreement, Moore and AIBotics are also to develop a budget targeting $1 million of capital deployment over 12 months. That is a spending target to be developed, not an announcement that the money has already been deployed.

AIBotics says NovaCore previously participated in Jamaica’s Google Street View mapping initiative. Management intends to use that experience as a starting point for services combining AI with LiDAR, a laser-based mapping technology. Its stated expansion priorities span several parts of the acquired operation:

• Mapping and drones: planned services include asset management, surface classification and infrastructure analysis, alongside broader commercial drone operations.
• Robotics and automation: the company intends to use the acquired equipment, software, operating methods and customer relationships to support further commercial deployments.
• Training and technical facilities: NovaCore plans to expand laboratory capabilities and programs with the University of the West Indies Global Campus and the University of Technology, including demonstrations, apprenticeships and internships.

Those expansion plans remain conditional. AIBotics identifies access to sufficient capital, customer retention, required third-party consents for contract transfers and successful technology deployments as risks. The purchase is complete; converting the acquired assets and relationships into the revenue needed for the earn-out is the next execution task.