Wearable Devices Receives Approval for $900,000 Grant Budget for Developing a Manufacturing Process of its AI-based Neural Input Products

Rhea-AI Summary

Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) has secured a non-dilutive grant of $900,000 from the Israel Innovation Authority (IIA) to enhance the manufacturing process for its Mudra Band, a wrist-worn neural interface. This grant, the company's fourth from the IIA, marks its first under the New Product Manufacturing program, covering 60% of the approved amount. CEO Asher Dahan highlighted that the funding will improve manufacturing capabilities in Israel and support the production of advanced neural interfaces, aiming to maintain quality and operational efficiency as they scale production.

Positive

• Received a $900,000 grant from the Israel Innovation Authority to support manufacturing.
• This is the fourth grant from the IIA, highlighting continued support for the company's technology.
• Funding will improve advanced manufacturing capabilities in Israel, enhancing product quality and efficiency.

Negative

• None.

The non- dilutive grant for the program was given by the Israel Innovation Authority

YOKNEAM ILLIT, ISRAEL, Feb. 09, 2023 (GLOBE NEWSWIRE) -- 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

FAQ

What is the purpose of the $900,000 grant received by Wearable Devices?

The grant will finance the development of the manufacturing process for the Mudra Band, a wrist-worn neural interface.

How much of the grant is funded by the Israel Innovation Authority?

The IIA will finance 60% of the approved $900,000 grant.

Is this the first grant Wearable Devices received from the IIA?

No, this is the fourth grant, but the first from the IIA's New Product Manufacturing program.

What is the Mudra Band developed by Wearable Devices?

The Mudra Band is a wrist-worn neural interface that allows users to control digital devices using subtle finger movements.

When was the grant announced?

The grant was announced on February 9, 2023.