Fortune 500 Consumer Electronics Corporation Has Purchased an Evaluation License for Wearable Devices' MDK
Wearable Devices, a tech growth company specializing in AI-powered touchless sensing wearables (Nasdaq: WLDS), announced that a Fortune 500 consumer electronics has purchased an evaluation license for its Mudra Development Kit (MDK). The MDK enables the creation of unique experiences with the Mudra Band and its API, aimed at integrating advanced gesture control functionalities into the Customer’s products. This collaboration aims to explore various use cases of Mudra’s neural AI controller, particularly enhancing user interaction in applications like XR, televisions, and 3D displays. CEO Asher Dahan highlighted this partnership as a significant step demonstrating the potential of Mudra technology in revolutionizing user experiences.
- A Fortune 500 consumer electronics has purchased a special license for the Mudra Development Kit.
- This partnership indicates growing recognition of Wearable Devices' technology by a major industry player.
- The collaboration aims to integrate advanced functionalities into the Customer’s upcoming products, potentially enhancing user experiences.
- None.
Insights
The acquisition of a special license for the Mudra Development Kit (MDK) by a Fortune 500 consumer electronics corporation signals a significant interest in advanced gesture control technology. With this license, the Customer's development team can experiment with the Mudra Band and its API to create sophisticated user interfaces. This could lead to more seamless and intuitive interactions in products such as smartphones, televisions and laptops.
The Mudra Band leverages neural input technology, enabling gesture recognition and control without physical touch. This aligns with ongoing industry trends towards more immersive and hands-free user experiences. If successful, this collaboration could position Wearable Devices as a key player in the touchless sensing market, potentially leading to further partnerships and customer acquisitions.
It is important to note, however, that this is an evaluation license. While promising, it does not yet guarantee a full-scale adoption or integration into the Customer's product line. Retail investors should monitor for any announcements regarding the outcomes of this evaluation period and any subsequent commercial agreements that may arise. Additionally, investors should consider the competitive landscape, as other companies are also exploring similar gesture control technologies.
From a financial perspective, the announcement of the special license purchase by a Fortune 500 company is a positive signal for Wearable Devices. This collaboration could lead to future revenue opportunities should the evaluation lead to a commercial agreement. The potential integration of Mudra technology into high-demand consumer electronics could substantially boost Wearable Devices' revenue streams and market value.
Investors should keep an eye on the financial reports in the upcoming quarters to track any increase in revenue related to this collaboration. An important metric to watch will be the growth in licensing and development kit sales, which could indicate increasing market acceptance and demand for Mudra technology. Nonetheless, it's essential to remain cautious as the initial stages of such collaborations typically involve substantial R&D investments, which may affect short-term profitability.
Long-term prospects look promising if this partnership transitions into a more extensive commercial relationship, but the current impact on the company's financials will be minimal until more concrete developments are announced.
The companies will explore together with the Fortune 500 company’s AI division different use cases of Mudra neural AI controller
YOKNEAM ILLIT, ISRAEL, July 09, 2024 (GLOBE NEWSWIRE) -- 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 a Fortune 500 consumer electronics corporation (“Customer”) has purchased a special license for its state-of-the-art Mudra Development Kit (“MDK”) to evaluate certain deep-level capabilities.
The MDK enables developers to create unique experiences with the Mudra Band and Mudra Application Programming Interface. This powerful toolset will enable the Customer’s development team to seamlessly integrate advanced functionalities into their upcoming products, enhancing user experience through innovative gesture control technology.
The Customer, ranked among the Fortune 500 companies, is renowned for its cutting-edge technology and high-quality consumer electronics products, which include smartphones, televisions, home appliances, and more. With a strong global presence and a reputation for innovation, this company is ideally positioned to leverage the capabilities of the MDK for developing next-generation user interfaces.
Asher Dahan, Chief Executive Officer of Wearable Devices, commented, "We are excited to see our Mudra technology gaining recognition by a prominent player in the consumer electronics market. This special license to evaluate possible deep-level integration marks a significant step forward for us, as it demonstrates the growing recognition of our technology's potential to revolutionize user interactions, particularly in applications such as extended reality (XR), televisions, 3D displays, and laptops. We look forward to seeing the innovative applications and products that will emerge from this collaboration."
The MDK is designed to provide developers with the tools needed to implement sophisticated gesture control features in their applications. By leveraging Wearable Devices' advanced neural input technology, developers can create intuitive and responsive user interfaces that enhance the overall user experience.
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 and advantages of the MDK, our technology's potential to revolutionize user interactions and the potential applications and products that will emerge from this collaboration. 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, 2023, filed on March 15, 2024 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 Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com
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