Wearable Devices Signed an Agreement With Leading Global Defense Company to Design a Proof Of Concept for Touchless Technology for Defense Grade Use
28 December 2023 - 11:20PM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), a technology growth company specializing in
artificial intelligence (“AI”)-powered touchless sensing wearables,
announced today that it has signed an agreement with a global
leading defense company, to design together a first of its kind
prototype for defense use cases. This collaboration aims to adapt
Wearable Devices' neural gesture technology for defense
requirements, especially in situations where silent activation is
crucial.
Building on its recent endeavors with top-tier OEMs, this
strategic alliance marks a significant milestone for Wearable
Devices in expanding its reach into specialized industries. This
engagement leverages both companies' core competencies, fusing
state-of-the-art touchless controls with mission critical defense
applications.
"We are incredibly excited to explore the use of our gesture
technology in new leading edge industries. The need for touchless,
silent activation in defense contexts has been a long-standing
challenge. Our collaboration with a leading global defense company
will pioneer solutions that can be game-changing for the defense
industry," said Asher Dahan, Chief Executive Officer of Wearable
Devices.
Wearable Devices' Mudra technology employs an advanced neural
input interface that captures nerve signals to offer touchless
control. This capability enables a more natural and intuitive way
to control devices.
The collaboration will involve extensive R&D to customize
Mudra gesture technology to meet the stringent and unique
requirements of defense operations. By merging AI, proprietary
algorithms, and specialized defense needs, the agreement aims to
develop products that will set new standards for efficiency,
safety, and adaptability in defense tech.
The agreement includes provisions for joint developed proof of
concept with a focus on providing field-tested, user-friendly
solutions for defense personnel.
About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based
neural input interface technology for the B2C and B2B markets. The
Company’s flagship product, the Mudra Band for Apple Watch,
integrates innovative AI-based technology and algorithms into a
functional, stylish wristband that utilizes proprietary sensors to
identify subtle finger and wrist movements allowing the user to
“touchlessly” interact with connected devices. The Company also
markets a B2B product, which utilizes the same technology and
functions as the Mudra Band and is available to businesses on a
licensing basis. Wearable Devices Is committed to creating
disruptive, industry leading technology that leverages AI and
proprietary algorithms, software, and hardware to set the input
standard for the Extended Reality, one of the most rapidly
expanding landscapes in the tech industry. The Company’s ordinary
shares and warrants trade on the Nasdaq market under the symbol
“WLDS” and “WLDSW”, respectively.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the “safe harbor”
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as “believe,” “expect,” “may,”
“should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,”
“anticipate” or other comparable terms. For example, we are using
forward-looking statements when we discuss the benefits,
capabilities and advantages of our Mudra Band, including for
solutions for the defense industry. All statements other than
statements of historical facts included in this press release
regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our use of proceeds from the
offering; the trading of our ordinary shares or warrants and the
development of a liquid trading market; our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other security and telecom
products and services; the effects of changes in the cybersecurity
and telecom markets; our ability to successfully develop new
products and services; our success establishing and maintaining
collaborative, strategic alliance agreements, licensing and
supplier arrangements; our ability to comply with applicable
regulations; and the other risks and uncertainties described in our
annual report on Form 20-F for the year ended December 31, 2022,
filed on March 22, 2023 and our other filings with the SEC. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Investor Relations Contact
Walter FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
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