Wearable Devices Signs Reseller Agreement to Scale its Licensing Program Reach to Enterprises in South Korea and China
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Insights
Entering the South Korean and Chinese markets is a strategic move for Wearable Devices Ltd., as these regions are known for their rapid adoption of new technologies, particularly in the wearables sector. The partnership with WisePlus could significantly increase the distribution and customization capabilities of the Company's Mudra Technology, potentially leading to an uptick in licensing revenue.
From a market penetration perspective, this agreement provides a foothold in two of the world's largest markets for technology products. The ability to offer local, on-site support and customization is a key competitive advantage, as it aligns with the preferences of local enterprises for tailored solutions and immediate support.
The MDK's appeal to OEMs and developers is substantial because it allows for the creation of custom gestures and user behavior analysis, which can be critical in differentiating products in a crowded market. As the market for XR and smart devices continues to grow, the demand for intuitive and seamless user interfaces is likely to increase, which could make the MDK a valuable tool for developers.
The announcement of this reseller agreement could have positive implications for Wearable Devices Ltd.'s stock performance. Investors often react favorably to expansion into new markets, especially when it involves innovative technology with a broad range of applications. The partnership with WisePlus may be seen as a catalyst for future growth, as it not only opens up sales channels but also positions the Company as a serious player in the AI-powered wearable technology space.
However, the actual financial impact will depend on the adoption rate of the Mudra Technology in the APAC region and the success of the collaboration in generating new product and license opportunities. Investors should monitor the company's quarterly financial reports for increases in revenue attributed to the APAC market to gauge the success of this agreement.
The technical aspects of the Mudra Developer Kit, such as Bluetooth communication, HID compatibility and the use of deep learning algorithms, are critical for its adoption in various industries. The MDK's ability to translate gestures into commands across multiple platforms and devices is an innovation that could redefine user interaction with technology.
For businesses in the XR and smart device sectors, the integration of touchless sensing capabilities can enhance the user experience and improve the functionality of their products. The comprehensive nature of the MDK, with its advanced software tools and compatibility with Android and iOS, makes it a versatile solution for developers looking to incorporate gesture-based controls into their offerings.
Successful integration of the MDK within enterprise solutions could lead to increased productivity and efficiency, particularly in Industry 4.0 applications where hands-free operation is beneficial. The customization potential of the MDK also means that it can be tailored to specific industry needs, potentially leading to widespread adoption and an increase in the perceived value of Wearable Devices Ltd.'s offerings.
YOKNE’AM ILLIT, Israel, April 01, 2024 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI")-powered touchless sensing wearables, is pleased to announce the signing of a reseller agreement with WisePlus, a premier provider of device software solutions. This collaboration aims to scale the Company’s licensing program reach by enabling local, on-site support and customization for enterprises in the markets of South Korea and China, tapping into WisePlus' extensive network and expertise in these regions.
Under the terms of the agreement, WisePlus will serve as the official regional reseller of Wearable Devices' Mudra Technology, allowing WisePlus to demo, negotiate, customize and resell the Company’s Mudra Developer Kit (“MDK”), which is a comprehensive toolset designed to revolutionize the development and integration on Wearable Devices’ neural input technology into solutions, products and services across multiple industries and verticals.
This partnership will leverage WisePlus' presence and deep market knowledge in South Korea and China, providing fast local access and support to enterprise customers in these areas.
The MDK is designed to empower original equipment manufacturers (“OEMs”) and developers with the ability to create custom gestures and use existing signals to monitor and analyze user behavior. This opens up new product and license opportunities across various market segments, from extended reality (“XR”) and smartwatches to Industry 4.0 and beyond.
“We are very excited to collaborate with Wearable Devices and bring our support, technology and business expertise to promote and create additional demand to the APAC ecosystem,” said Bob Kim, Chief Executive Officer of WisePlus. “The Mudra technology has the needed innovation and product fit to revolutionize the XR-market massive adoption in the near future,” added Mr. Kim.
Asher Dahan, Chief Executive Officer of Wearable Devices, said: "We are delighted to announce our partnership with WisePlus as our chosen added value reseller in the region. With a proven track record of success in the APAC markets, WisePlus brings invaluable insights and strategic guidance to our collaboration. Their proficiency in providing tailored technology driven solutions, seamless integration, and exceptional customer service perfectly aligns with our vision and objectives. With a focus on customization and integration, we are confident that this partnership will empower us to deliver unparalleled user-experiences”.
The MDK is available for value-added resellers , distributors, OEMs, and other partners now also through WisePlus. It provides a comprehensive software development kit including multiple Mudra wristband devices and advanced software tools for programming a vast array of gestures into digital actions on both Android and iOS platforms. The MDK package supports Bluetooth communication, is HID-compatible, and employs deep learning algorithms to translate discreet, intuitive gestures into commands for a wide range of applications and devices.
For more information on the Mudra Developer Kit, please visit Wearable Devices: https://www.wearabledevices.co.il/mdk
About WisePlus
WisePlus is a pioneering technology firm specializing in advanced embedded system software and on-device AI solutions. Its core expertise lies in developing high-performance, intelligent software that operates seamlessly on a wide array of devices. By integrating cutting-edge artificial intelligence directly onto devices, WisePlus enables smarter, more efficient, and autonomous operations across various applications, from IoT devices to industrial machinery. WisePlus’ commitment is to revolutionize how devices operate, offering enhanced decision-making capabilities and improved user experiences without the need for constant cloud connectivity. Led by Chief Executive Officer Bob Kim, WisePlus is dedicated to pushing the boundaries of what's possible within the digital domain, fostering innovation that drives the future of technology.
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 and opportunities from the Company’s collaboration with Wise Plus, as well as the benefits, capabilities and advantages of the Mudra Band. 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 Contact:
Walter Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com
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