Wearable Devices' Technology to Be Showcased in a Demonstration Car at the European Manufacturer's Showroom
YOKNEAM ILLIT, ISRAEL, Aug. 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, announces its breakthrough entry into the automotive sector, partnering with a leading European car manufacturer. The Company’s innovative Mudra technology, featuring touchless control, is now showcased in a demonstration car at the automaker's showroom, allowing users to experience intuitive gesture-based interaction with in-car systems.
The Company reports a successful proof-of-concept implementation of its touchless control technology in a demonstration car at a leading European automobile manufacturer’s showroom. This collaboration, announced previously, marks Wearable Devices' first foray into the automotive industry and comes after the European manufacturer has purchased the Mudra Development Kit (MDK) with hardware, including several bracelets and professional services.
This collaboration highlights a new era in driving, where drivers and passengers can manage functions seamlessly without physical contact. The European automaker has implemented Mudra technology to enhance vehicle safety and convenience, aligning with the growing demand for advanced, user-friendly interfaces in modern vehicles.
Asher Dahan, Chief Executive Officer of Wearable Devices, stated: "Partnering with a renowned European automaker is a significant step for us. As vehicles become more screen-reliant, intuitive interaction methods like our Mudra technology are crucial for ensuring drivers can focus on the road while passengers enjoy a rich in-car entertainment experience."
Wearable Devices is poised to transform user interfaces in the automotive industry, offering cutting-edge solutions that prioritize safety and convenience.
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 our foray into the automotive industry; the benefits and advantages of our technology, including the potential of Mudra’s technology to enhance vehicle safety and convenience and the growing demand for advanced, user-friendly interfaces in modern vehicles. 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
