Medigus’ ParaZero Signs an Agreement to Develop Custom Safety Solution for a Leading Global Automotive Manufacturer’s Drone Program
Medigus Ltd. (Nasdaq: MDGS) announced a partnership between its 40% owned ParaZero Ltd. and a global automotive manufacturer to develop a custom safety solution for drones. This agreement involves integrating ParaZero’s SafeAir™ safety system into the manufacturer’s drone program from the design phase. ParaZero has successfully provided safety solutions across various drone platforms and holds ASTM F3322-18 compliant parachute recovery systems, ensuring compliance and reliability for advanced drone operations.
- ParaZero signed an agreement with a leading automotive manufacturer for drone safety solutions.
- Medigus holds a 40% stake in ParaZero, potentially enhancing its financial outlook through this partnership.
- ParaZero’s technology is ASTM F3322-18 compliant, supporting enhanced drone safety and operational approvals.
- None.
Tel Aviv, Israel, April 25, 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, has signed an agreement with a leading global automotive manufacturer for the development of a bespoke safety solution for its proprietary drone program.
The automotive manufacturer plans to integrate ParaZero’s SafeAir™ drone safety system into their proprietary aircraft from the design stage, allowing for an optimized and seamless integration. ParaZero has a proven history of supplying advanced safety solutions for global manufacturers and companies across a myriad of aerial platforms, including multirotor, single rotor, fixed wing, vertical takeoff and landing (VTOL), manned and unmanned, and urban air mobility vehicles.
ParaZero’s patented drone safety system is 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.
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 the AIROBOTICS Optimus drone, among a number of others in development. Achieving certification for the ASTM F3322-18 standard requires 45 successful aerial parachute deployments, across a number of failure scenarios, in the presence of an approved third-party testing agency. These tests and corresponding data generated provide global regulators the confidence required in assessing the performance benchmarks of a drone parachute system for issuing advanced operational approvals: effectiveness and reliability in all failure scenarios, rated descent rate, and minimum flight altitude.
ParaZero’s portfolio of ASTM F3322-18 compliant parachute recovery systems and OEM-integrated safety 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:
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RedChip Companies Inc.
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Or 407-491-4498
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