Leading Global Drone Manufacturer Orders Customized SafeAirTM System from Medigus‘ ParaZero Subsidiary
Medigus Ltd. (Nasdaq: MDGS) announced that ParaZero, in which it holds a 40% stake, received a purchase order for its patented SafeAir system from a prominent global drone manufacturer. The integration of SafeAir technology aims to enhance drone safety by autonomously deploying a parachute during malfunctions, potentially saving operators millions. ParaZero's safety system has been adopted by leading companies and is compliant with ASTM F3322-18 standards, allowing advanced drone operations. The small drone shipment market is projected to reach USD $85 billion by 2025.
- Medigus holds a 40% ownership stake in ParaZero, which enhances potential revenue.
- ParaZero's SafeAir system received a purchase order from a leading global drone manufacturer.
- SafeAir technology may save commercial drone operators millions in potential losses.
- The small drone shipment market is projected to reach USD $85 billion by 2025.
- None.
ParaZero’s unique patented technology designed to prevent drone crashes and losses
Tel Aviv, Israel, March 14, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that ParaZero Ltd. ("ParaZero"), a privately held company engaged in drone technology with an innovative patented safety system for drones, of which Medigus has a 40 percent ownership stake, received a purchase order for its ParaZero SafeAirTM system from a leading global drone manufacturer.
The drone manufacturer wishes to incorporate ParaZero’s SafeAir technology into its drone aircraft from the design stage, allowing for optimized integration and providing the manufacturer a pathway to completing the associated testing and validation requirements in accordance with global drone regulations for advanced operations.
ParaZero has developed a patented drone safety system designed to protect people and payloads, providing a solution to reduce the risk of a drone's malfunction in an urban environment. Unique in the industry, the system includes a smart parachute system that monitors drone flight in real time, identifies critical failures, and autonomously triggers a parachute in the event of an emergency. This innovative solution may save commercial drone operators millions in losses.
Parazero's technology has been sold to and used by some of the world's top companies and organizations in the world, including drone companies such as LIFT Aircraft, Airobotics, SpeedBird Aero and Doosan Corporation and other leading and known brands and entities such as CNN, The New York Times, Hensel Phelps, Verizon Media (Skyward), Fox Television Stations and the Chicago Police Department.
Recently, Latin American drone delivery company Speedbird Aero was granted Brazil’s first authorization by the National Civil Aviation Agency (ANAC) for the commercial operation of an unmanned aircraft used in product delivery. The authorization enables the remotely piloted aircraft, model DLV-1 NEO, to operate commercially on beyond visual line of sight routes (BVLOS), that is, beyond the operator's visual line of sight. As part of the safety assessment phase of ANAC’s authorization, Speedbird Aero was required to perform live parachute deployments in the presence of ANAC officials to prove the effectiveness of the aircraft’s safety design and mitigations, which included ParaZero SafeAir parachute systems for each delivery drone in the company’s fleet.
According to a Feb. 10, 2022 report by MarketWatch, for the period 2017-2025, the value of small drone shipments will reach USD
ParaZero’s safety technology contains a portfolio of ASTM F3322-18 compliant parachute recovery systems for leading enterprise drone platforms, including the DJI Mavic 2, Phantom 4, Matrice 200, Matrice 300, and Airobotics Optimus drone. Achieving ASTM F3322-18 standard certification requires 45 successful aerial parachute deployments, across a number of failure scenarios, in the presence of a third-party testing agency. These tests, together with the standard’s other requirements, provide operators and regulators the confidence required in the three performance pillars of a drone parachute system: effectiveness and reliability in all failure scenarios, rated descent rate, and minimum flight altitude. For commercial drone operators, the ability to operate in close proximity to people and structures is critical, as it opens new verticals and previously unattainable business opportunities. ParaZero’s portfolio of ASTM F3322-18 compliant parachute solutions have enabled a large number of organizations and operators around the world to receive approvals for advanced drone operations, including operations over people, BVLOS, and drone delivery.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus' affiliations in the medical solutions arena include ownership in Polyrizon Ltd. and ownership in industry 4.0 company, ScoutCam Inc. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Medigus could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
MDGS@redchip.com
FAQ
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