Ondas Holdings' Airobotics Secures $1 Million Grant from Israel Innovation Authority to Further Enhance Its AI-Driven Irone Drone Raider Counter-Drone System

Rhea-AI Summary

Ondas Holdings announced that its subsidiary Airobotics has received a NIS 3.8 million (approximately $1 million) grant from the Israel Innovation Authority to enhance its Iron Drone Raider counter-drone system. The system, acquired in early 2023 through Iron Drone's assets, combines AI-driven detection and interception capabilities to counter unauthorized drones. The Iron Drone Raider integrates with existing detection systems and uses a specialized interception drone and docking station to manage multiple drone threats autonomously. The funding will support the development of new features to address growing security challenges against critical infrastructure, public spaces, and high-profile events.

Positive

• Secured $1 million government grant for technology development
• Recognition from Israel Innovation Authority validates technology potential
• System capable of managing multiple drone threats simultaneously

Negative

• None.

Insights

Defense Technology Analyst

The $1 million IIA grant significantly bolsters Airobotics' counter-drone capabilities at a critical time. The Iron Drone Raider system addresses a rapidly growing $6.5 billion counter-UAS market. Key differentiators include AI-driven autonomous interception and multi-threat handling capabilities through its docking station infrastructure. For a small-cap company like Ondas ($59M market cap), this grant provides substantial R&D funding while validating their technology in one of the world's most advanced aerospace markets. The timing is particularly advantageous given the increasing global focus on drone defense systems for critical infrastructure protection. The development acceleration could position Airobotics to capture larger market share in this high-growth sector, though commercialization timelines and competitive dynamics remain key factors to monitor.

Financial Analyst

This grant represents a significant capital injection relative to Ondas' market cap, effectively providing non-dilutive funding for R&D. The company's strategic acquisition of Iron Drone's assets in early 2023 is now yielding additional value through government backing. While $1 million may seem modest, it's material for ONDS given their current market capitalization and provides important validation for their technology. The focus on counter-drone systems aligns with growing defense spending trends globally. However, investors should note that ONDS remains a speculative investment with significant execution risks and a need to demonstrate commercial traction for sustainable growth.

Funding accelerates development of new features for the Iron Drone Raider, an advanced drone interception system

Need for effective defensive counter-drone solutions has never been greater

Grant highlights Airobotics' innovation and valuable contributions to Israel's advanced aerospace sector, recognized globally for leadership in drone and interception technologies

BOSTON, MA / ACCESSWIRE / November 7, 2024 / Ondas Holdings Inc. (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of private industrial wireless networks and commercial drone solutions, today announced that the Israel Innovation Authority (IIA) has awarded a NIS 3.8 million (approximately $1 million) grant to support further development of its Iron Drone Raider counter-uncrewed aircraft system (UAS) owned by its wholly-owned subsidiary, Airobotics LTD.("Airobotics").

In early 2023, Airobotics acquired the assets of Iron Drone, an Israeli company known for its autonomous counter-drone technology. The Iron Drone Raider, which combines AI-driven detection and interception, can integrate seamlessly with existing detection systems to counter unauthorized drones. Through precise, autonomous actions, the Raider intercepts hostile drones using a specialized interception drone and docking station capable of managing multiple drone threats.

"We're honored by the Israel Innovation Authority's recognition of our technology and commitment to advancing the counter-drone market," said Eric Brock, Chairman and CEO of Ondas. "Israel remains at the forefront of aerospace innovation, and we're pleased to have the IIA's support as we expand the capabilities of the Iron Drone Raider."

Meir Kleiner, CEO of Airobotics, added, "With rising incidents of small drones being used by various entities to target critical infrastructure, public spaces, and high-profile events, the need for effective counter-drone solutions has never been greater. This funding enables us to accelerate enhancements to the Iron Drone Raider, adding high-value features to better meet today's complex security demands."

About Israel Innovation Authority

The Israel Innovation Authority, an independent publicly funded agency, was created to provide a variety of practical tools and funding platforms aimed at effectively addressing the dynamic and changing needs of the local and international innovation ecosystems.

About Ondas Holdings Inc

Ondas Holdings Inc. ("Ondas") is a leading provider of private wireless data solutions via Ondas Networks Inc. ("Ondas Networks") and commercial drone solutions through Ondas Autonomous Systems Inc. via its wholly owned subsidiaries American Robotics, Inc. ("American Robotics" or "AR") and Airobotics LTD ("Airobotics"), which we operate as a separate business unit called Ondas Autonomous Systems.

Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging commercial and government markets. Ondas Networks' standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today's legacy private licensed wireless networks. Ondas Networks' customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications.

Ondas Autonomous Systems Inc. (OAS) specializes in designing, developing, and marketing autonomous drone solutions via its two advanced drone platforms: the Optimus System, the world's first FAA-certified small UAS (sUAS) for aerial security and data capture, and the Iron Drone Raider, a counter-drone system designed to combat hostile drones. Both platforms are highly automated, AI-powered, and capable of continuous, remote operation for critical defense, infrastructure, industrial, and government applications. American Robotics and Airobotics have achieved industry-leading regulatory milestones, including the first-ever FAA Type Certification for the Optimus System and the first drone system approved by the FAA for automated beyond-visual-line-of-sight (BVLOS) operations without an on-site human operator. Ondas Networks, American Robotics and Airobotics together provide users in defense, homeland security, public safety and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness and data collection and information processing capabilities.

Ondas Networks, American Robotics and Airobotics together provide users in defense, homeland security, public safety and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness and data collection and information processing capabilities.

For additional information on Ondas Holdings, visit www.ondas.com or follow Ondas Holdings on X formerly known as Twitter and LinkedIn. For additional information on Ondas Networks, visit www.ondasnetworks.com or follow Ondas Networks on X and LinkedIn. For additional information on American Robotics, visit www.american-robotics.com or follow American Robotics on X and LinkedIn. For additional information on Airobotics, visit www.airoboticsdrones.com or follow Airobotics on X and LinkedIn. For additional information on Ondas Autonomous Systems, follow us on LinkedIn.

Information on our websites and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Holdings Inc.
888.350.9994
ir@ondas.com

Media Contact for Ondas
Preston Grimes
Marketing Manager, Ondas Holdings Inc.
preston.grimes@ondas.com

SOURCE: Ondas Holdings Inc.

View the original press release on accesswire.com

FAQ

What is the value of the grant Ondas Holdings (ONDS) received from Israel Innovation Authority?

Ondas Holdings (ONDS) received a NIS 3.8 million (approximately $1 million) grant from the Israel Innovation Authority.

What will Ondas Holdings (ONDS) use the Israel Innovation Authority grant for?

The grant will be used to enhance and develop new features for the Iron Drone Raider counter-drone system, which is designed to detect and intercept unauthorized drones.

When did Ondas Holdings (ONDS) acquire Iron Drone's assets?

Ondas Holdings' subsidiary Airobotics acquired Iron Drone's assets in early 2023.