February 09 2023 - 07:48AM
GlobeNewswire Inc.
Alert
Share On Facebook
Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a growth company developing a wrist-worn neural interface technology for B2B and B2C customers, today announced it has received a grant approval from the Israel Innovation Authority ("IIA”) in the amount of $900,000 (NIS 3.1 million) to finance further development of the Company’s manufacturing process of its flagship wearable neural interface, the Mudra Band.
This is the fourth grant Wearable Devices has received from the IIA, and it is the first time to receive a grant from the IIA New Product Manufacturing program. The Company previously received three research and development grants for the development of hardware and software for the Company’s Mudra technology. The IIA will finance 60% of the approved grant.
"This grant facilitates our efforts to establish the manufacturing infrastructure capability of the Mudra Band, our flagship consumer product, and additional wrist-worn neural interfaces. While we will work with manufacturing partners to scale production, the sophisticated and crucial technology and elements of the manufacturing process will be handled internally. This grant will help us further establish certain advanced manufacturing capabilities in Israel to assure the highest quality, efficiency and reliability by reducing logistical barriers and maintaining a competitive advantage,” stated Asher Dahan, Chief Executive Officer and Co-Founder of Wearable Devices. We are honored by the continued validation of the Israel Innovation Authority for our unique AI-based wearable technology.”
About Wearable Devices Ltd.
Wearable Devices Ltd. (the “Company”), a growth company developing a non-invasive neural input interface technology in the form of a wrist wearable band for controlling digital devices using subtle finger movements. Our company’s vision is to create a world in which the user’s hand becomes a universal input device for touchlessly interacting with technology, and we believe that our technology is setting the standard input interface for the Metaverse. Since our technology was introduced to the market, we have been working with both Business-to-Business and Business-to-Consumer customers as part of our push-pull strategy. Combining our own proprietary sensors and Artificial Intelligence, or AI, algorithms into a stylish wristband, our Mudra platform enables users to control digital devices through subtle finger movements and hand gestures, without physical touch or contact. For more information, visit https://www.wearabledevices.co.il/.
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 future manufacturing of the Mudra Band and additional wrist-worn neural interface and the ability to reduce logistical barriers and better maintaining a competitive advantage. 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 ability to close the offering of the securities; 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 preliminary prospectus dated November 14, 2022 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
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com
Primary Logo
Wearable Devices (NASDAQ:WLDS)
Historical Stock Chart
From Jan 2023 to Feb 2023 Click Here for more Wearable Devices Charts. Wearable Devices (NASD
Recent WLDS News
- Wearable Devices Successfully Demonstrated First Level Integration of Mudra Technology with Qualcomm Snapdragon Spaces • GlobeNewswire Inc. • 07/01/2024 12:50:00 PM
- Wearable Devices Shows Positive Results on Lenovo's XR Headset Using its Mudra Technology • GlobeNewswire Inc. • 06/25/2024 12:45:00 PM
- Wearable Devices to Unveil its XR Integration with Qualcomm at AWE 2024 • GlobeNewswire Inc. • 06/17/2024 12:15:00 PM
- Wearable Devices to Demonstrate First Phase Integration of Mudra Technology with Qualcomm Snapdragon Spaces • GlobeNewswire Inc. • 06/10/2024 12:45:00 PM
- Wearable Devices Announces $10 Million Standby Equity Purchase Agreement • GlobeNewswire Inc. • 06/07/2024 12:05:00 PM
- Wearable Devices XR Team's Report: The Mudra’s Neural Technology to Power Future XR Devices • GlobeNewswire Inc. • 05/28/2024 12:45:00 PM
- Wearable Devices Delivered Custom Touchless Technology for a Leading Global Defense Company • GlobeNewswire Inc. • 05/20/2024 12:30:00 PM
- Wearable Devices Ltd. Secures Patent for its AI Gesture-Controlled Interface in China • GlobeNewswire Inc. • 05/16/2024 01:25:00 PM
- Wearable Devices Invited to Present its Gesture Control Technology to Samsung's Senior Management in South Korea • GlobeNewswire Inc. • 05/02/2024 12:45:00 PM
- Wearable Devices and Webidoo Join Forces for Mudra Band’s Retail Rollout • GlobeNewswire Inc. • 04/30/2024 12:45:00 PM
- Wearable Devices Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Requirement • GlobeNewswire Inc. • 04/24/2024 08:15:00 PM
- Mudra Band Upgrades Mac Computers’ User Experience with AI Gesture Mouse Allowing Natural Effortless Navigation • GlobeNewswire Inc. • 04/17/2024 01:07:00 PM
- Wearable Devices Signs Reseller Agreement to Scale its Licensing Program Reach to Enterprises in South Korea and China • GlobeNewswire Inc. • 04/01/2024 12:45:00 PM
- Wearable Devices XR Team's Report: The Mudra Band Can Be the Neural Bridge for Apple and Meta in their Next Wave of Smart Glasses Interaction • GlobeNewswire Inc. • 03/18/2024 12:45:00 PM
- Wearable Devices Announces Full Year 2023 Financial Results and Provides Corporate Update • GlobeNewswire Inc. • 03/15/2024 08:15:48 PM
- Wearable Devices Teams up with Qualcomm to Elevate Extended Reality Experience • GlobeNewswire Inc. • 02/28/2024 01:45:00 PM
- Wearable Devices to Showcase Its Neural Gesture Control Technology at MWC Barcelona 2024 • GlobeNewswire Inc. • 02/26/2024 12:20:00 PM
- Wearable Devices' Mudra Band Chosen as Best Wearable of CES 2024 by SlashGear.com • GlobeNewswire Inc. • 02/20/2024 02:00:00 PM
- Wearable Devices Signs an Agreement with Qualcomm to Collaborate in Elevating XR Experiences with Mudra Neural Technology • GlobeNewswire Inc. • 02/12/2024 12:20:00 PM
- Wearable Devices Targets Apple Vision Pro for Mudra Band Integration For Intuitive Real Object Interaction • GlobeNewswire Inc. • 02/09/2024 12:20:00 PM
- Wearable Devices Introduces New Revolutionary "Spatial Depth" Control in Latest Air Mouse Innovation • GlobeNewswire Inc. • 02/06/2024 02:00:00 PM
- Wearable Devices to Demonstrate Spatial Computing Interaction for Smart Glasses at SPIE AR VR MR 2024 • GlobeNewswire Inc. • 01/30/2024 12:20:00 PM
- Wearable Devices: The Mudra Band Featured by Leading Tech Magazines, Mashable and VentureBeat • GlobeNewswire Inc. • 01/22/2024 12:35:00 PM
- Wearable Devices to Present its Mudra Band at the 2024 CES • GlobeNewswire Inc. • 01/09/2024 12:20:00 PM
- Wearable Devices Releases Mudra Developer Kit for Its Gesture Control Technology • GlobeNewswire Inc. • 01/04/2024 12:20:00 PM
FEATURED BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • Jul 2, 2024 7:19 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM