Wearable Devices Signs an Agreement with Qualcomm to Collaborate in Elevating XR Experiences with Mudra Neural Technology
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Insights
Collaborations between technology companies, especially in emerging fields such as XR (extended reality), often have the potential to disrupt markets and alter competitive landscapes. The partnership between Wearable Devices Ltd. and Qualcomm Technologies could accelerate the adoption of touchless interaction technologies in AR and VR, which are key components of the XR industry. This could influence the demand for related hardware and software and potentially increase the revenue streams for both companies involved.
From a market perspective, the integration of Mudra technology with the Snapdragon Spaces platform could lead to the development of new applications and use-cases, expanding the target market and user base. If the technology enhances user experience significantly, early adoption could trigger a competitive response from other industry players, leading to a wave of innovation and investment in the sector.
Investors will likely monitor the financial implications of this collaboration closely. Qualcomm is a leading player in the chip industry and its endorsement of Wearable Devices' Mudra technology could signal to investors a validation of the product's market potential. This could have positive implications for Wearable Devices' stock performance, as collaborations with industry giants often lead to increased investor confidence.
However, the actual impact on the financials will depend on the commercial terms of the agreement, the scalability of the technology and the market's reception of the enhanced products. Investors should scrutinize subsequent earnings reports and market share data to assess the tangible benefits of this collaboration.
The technical synergy between Wearable Devices' AI-powered touchless sensing technology and Qualcomm's Snapdragon Spaces XR platform could lead to a new standard in how users interact with digital environments. This may also push forward the boundaries of what is currently possible in AR and VR, potentially leading to a paradigm shift in user interface design across multiple technology sectors.
For the industry, the success of this collaboration could serve as a catalyst for further research and development in touchless control systems, possibly influencing future technology roadmaps for both hardware and software developers in the XR space.
This Collaboration Aims to Transform XR Industry with Touchless Control
YOKNEAM ILLIT, ISRAEL, Feb. 12, 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, today announced a collaboration agreement with Qualcomm Technologies, Inc. This collaboration will help those looking to use Wearable Devices' innovative Mudra technology when developing products using the Qualcomm Snapdragon Spaces™ XR Developer Platform, redefining interaction in augmented reality (“AR”) and virtual reality (“VR”) environments.
The Mudra technology, known for its touchless control capabilities, has been optimized to work with Snapdragon Spaces, enhancing the user experience with intuitive, gesture-based interactions. This collaboration marks a significant step towards the future of immersive digital experiences.
"Our collaboration with Qualcomm Technologies team is a testament to our commitment to innovation in wearable technology," said Offir Remez, Executive Vice President of Business Development at Wearable Devices. "By optimizing Mudra with Snapdragon Spaces, we are setting a new standard for user interfaces in the XR space. This is a game-changer for the industry."
Wearable Devices is poised to redefine user interaction in AR and VR environments, combining the best of touchless control technology with state-of-the-art XR chipsets. “This experience model underscores the confidence in the product's market potential and commercial need, and reflects the commitment of both Wearable Devices and Qualcomm Technologies to drive forward technological innovation and growth in the XR and wearable domain,” stated Mr. Remez.
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 potential benefits of the collaboration with Qualcomm, our ability to set a new standard for user interface in the XR space, our intention to promote the combined solution across various platforms and events, the product’s market potential and commercial viability and our commitment to innovation in wearable technology. 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, 2022, filed on March 22, 2023 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
Snapdragon and Snapdragon Spaces are trademarks or registered trademarks of Qualcomm Incorporated. Snapdragon Spaces is a product of Qualcomm Technologies, Inc. and/or its subsidiaries.
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