NovaCore Labs is moving closer to a possible sale to US-based robotics company AIBotics, but its founder Gregory Moore says the deal is not yet sealed and is being treated as a way to give the Jamaican technology company the capital and corporate backing needed to scale across the Caribbean.

The proposed transaction, first announced internationally as a letter of intent, would see AIBotics acquire NovaCore Labs, the Jamaica-based Google partner that has built a business around cloud infrastructure, immersive technology, AI tools, geospatial mapping, and digital transformation projects.

Moore told the Jamaica Observer that the discussions have been on the table since last year, but stressed that the deal remains subject to final terms.

“We have an LOI,” Moore said, referring to a letter of intent. “We have established the criteria for an acquisition, but it is an ongoing process.”

In practical terms, a letter of intent is an early-stage agreement that outlines the broad terms under which parties intend to proceed. It signals serious negotiations, but does not by itself mean that the acquisition has closed.

AIBotics had previously said it expected to close the transaction before the end of 2025, but its latest update now points to an expected closing in the second quarter of 2026, subject to customary closing conditions.

Moore also confirmed that the talks were slowed by Hurricane Melissa, as both sides assessed how the local market and business environment would settle after the storm.

“It almost was affected because of Hurricane Melissa…it took a pause, but we started working on it again,” he said.

For NovaCore, the deal would mark a major turn in a story that began far from robotics. Moore started out in gaming before moving into virtual reality, then enterprise technology, and eventually rebranding the business as NovaCore Labs, a division of PlayJamaica Limited focused on immersive and emerging technologies. The company has since delivered solutions across public sector, education, security and tourism-related projects, including AI-powered simulators, Google Cloud and Maps services, and Jamaica’s first Google Street View car.

But the company’s growth has also exposed the limits faced by many local tech firms. Winning credibility is one challenge; finding the money to scale is another.

“Our intention is to not leave because we understand the lay of the land. We’re on the ground. We know Jamaica,” Moore told the BusinessWeek. “It’s not that we’re abandoning our country. It’s just that, unfortunately, sometimes when you try to expand your business model, local options are not necessarily the best options.”

He added that it can sometimes be easier to close a deal with a larger overseas entity than to secure the kind of funding and capital required locally.

Under the proposed arrangement, Moore said NovaCore would not disappear into AIBotics. Instead, he expects to remain CEO of NovaCore Labs, with the Jamaican operation absorbed into a larger corporate ecosystem and positioned to help drive regional strategy.

“It’s not that they are taking it and we are gone. I will still be the CEO of NovaCore Labs driving that general vision that we have here,” he said.

AIBotics, which trades over the counter in the United States under the ticker AIBT, describes itself as a company deploying AI-enabled robotics and intelligent automation solutions through strategic partnerships across international markets. Its own filings and releases frame NovaCore as a Caribbean operating platform, giving AIBotics access to local relationships, digital infrastructure capability and a base from which to expand across Caricom.

The robotics side of the deal is already being tested locally. AIBotics has said NovaCore is involved in active robotics deployments in Jamaica, including a pilot with a major supermarket operator and autonomous cleaning robots being tested across two major hotel chains.

Moore confirmed that robots are already being demonstrated locally, including cleaning bots, and said the company is now in discussions with potential partners.

“We are actually at a retreat effort right now, doing demonstrations and talking business,” he said. “There is work, so there are a lot of partnerships being forged with us now.”

The push comes as service robotics moves from novelty to operational tool, particularly in hospitality, retail and health-related spaces where labour availability, service consistency and rising operating costs are forcing companies to rethink routine tasks. The International Federation of Robotics said worldwide sales of professional service robots grew by nine per cent in 2024, while the professional cleaning robot segment grew by 34 per cent to more than 25,000 units sold. Hospitality robots remained one of the leading professional service robot categories, with more than 42,000 units sold globally.

AIBotics has said its strategy is to deploy robots across sectors such as hospitality, retail, healthcare, commercial real estate and public infrastructure, rather than simply develop the technology. It has also said the planned NovaCore acquisition would support the rollout of service robots for hotels, restaurants, hospitals and public spaces.

But Moore told the BusinessWeek that the robotics opportunity is only one part of the wider plan. NovaCore, he said, will continue working in virtual reality, simulation, cloud infrastructure and other emerging technology areas, with the acquisition intended to “put the fuel behind a wider strategy.”

“We are pretty much on the innovation, emerging technology aspect, the front runner for that area,” he said.

Still, he was careful not to present the deal as completed. Moore said NovaCore is reviewing the terms to ensure the company and its team are protected.

“It’s a letter of intent. It’s not finalised. It doesn’t have to come through. We’re just making sure the terms and everything is good,” he said.

Gregory Moore, founder and CEO of NovaCore Labs, says the company’s proposed acquisition by US robotics firm AIBotics is intended to help scale its regional ambitions in artificial intelligence, robotics, virtual reality and digital infrastructure.

Prime Minister Andrew Holness tests a driving simulator developed by NovaCore Labs.

Prime Minister Andrew Holness (foreground) experiences a virtual reality crime-scene simulation developed by NovaCore Labs during a technology showcase, highlighting the Jamaican company’s growing work in immersive technology, simulation and AI-driven solutions ahead of a proposed acquisition by US robotics firm AIBotics.