Wearable Devices Breaks into the Automotive Sector with Leading European Automobile Manufacturer
Wearable Devices' Technology to Be Showcased in a Demonstration Car at the European Manufacturer's Showroom
YOKNEAM ILLIT, ISRAEL, July 29, 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 successful proof-of-concept implementation of its touchless control technology in a demonstration car at leading European automobile manufacturer's showroom. This collaboration 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.
The European automobile manufacturer is currently using Wearable Devices' touchless control technology in a demonstration car located in its showroom. This setup allows potential customers and stakeholders to experience firsthand the seamless intuitiveness and use of gesture control with the vehicle's digital interfaces. The demonstration highlights how drivers can effortlessly manage various in-car functions, as well as allowing back seat passengers to enjoy the back seat large screen entertainment, thereby enhancing the overall backseat and driving experience.
The MDK enables developers to integrate sophisticated gesture control functionalities into their systems, leveraging Wearable Devices' innovative Mudra technology. The automobile manufacturer has implemented this technology to enhance the driving experience by allowing drivers to interact with their vehicles' systems without the need for physical touch, promoting both convenience and safety.
Asher Dahan, Chief Executive Officer of Wearable Devices, commented: "We are thrilled to partner with a leading European automobile manufacturer to bring our touchless control technology to the automotive industry. As modern vehicles increasingly rely on screens and digital interfaces, the need for intuitive and safe interaction methods is more important than ever. Our Mudra technology allows drivers to focus on the road while enabling passengers in the back seats to enjoy in-vehicle entertainment and relaxing seating experiences."
The integration of Wearable Devices' touchless technology into the automotive sector presents a significant opportunity for innovation in user interfaces. As vehicles become more technologically advanced, the demand for seamless and safe interaction methods grows. Wearable Devices' Mudra technology addresses this need by offering a hands-free control solution that enhances both user convenience and driving safety.
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 and our technology, including its potential in the automotive sector. 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
[email protected]
