Mobile devices successfully presented at the first level

The integration addresses the key limitations of camera-based hand tracking, such as accuracy, power, and field of view, which are key to the widespread adoption of augmented and virtual reality.

YOKNEAM ILLIT, ISRAEL, July 1, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology development company specializing in touchless, artificial intelligence (“AI”)-enabled wearable devices, today announced the successful completion of the first phase of integration with Qualcomm’s Snapdragon Spaces™ augmented reality (XR) development platform. This milestone follows a collaboration agreement announced earlier this year that marked a significant moment in the XR industry with innovative gesture-based control.

The successful completion of this previously announced integration phase expands the possibilities of XR environments and underscores Wearable Devices’ commitment to pushing the boundaries of wearable technology. Leveraging the precise gesture recognition enabled by Mudra technology, the Snapdragon Spaces™ platform will offer users a more natural and intuitive interface, elevating the overall XR experience.

Revolutionizing XR with Cutting-Edge Technology

Mudra Band Wearable Devices technology seamlessly integrates with the Snapdragon Spaces™ platform, overcoming the limitations of traditional camera hand tracking. This integration leverages user experiences in an augmented reality (AR) environment, redefining how users interact with the digital world.

Key innovations:

• Pioneering performance: This breakthrough reduces reliance on camera-based systems, making XR devices more cost-effective, energy-efficient, thinner, lighter, and more fashionable for original equipment manufacturers (OEMs).
• Advanced gesture control: Mudra Band technology enables precise gesture recognition, providing a natural and intuitive interface for XR apps.
• Advanced pressure sensing: Mudra Band’s cutting-edge pressure sensing technology accurately senses changes in fingertip pressure, enabling precise and subtle gesture recognition. This provides users with a more natural and intuitive interface for XR applications.
• Enhanced user experience: By combining Mudra touchless technology with Snapdragon Spaces™, users will enjoy a more immersive and responsive digital environment.

Offir Remez, Executive Vice President of Business Development at Wearable Devices, said: “This collaboration with Qualcomm and the Spaces team brings us a significant step closer to our goal of transforming the XR industry into a mainstream experience, similar to smartphones. The feedback from our partners and industry leaders has been overwhelmingly positive, underscoring the transformative potential of our technology. We are excited to lead the way in creating seamless, intuitive XR experiences that push the boundaries of what is possible.”

About Wearable Devices Ltd.

Wearable Devices Ltd. is a growth company developing AI-based 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 band that uses proprietary sensors to recognize subtle finger and wrist movements, enabling the user to interact with connected devices “touchless.” The company also sells a B2B product that uses the same technology and features as the Mudra Band and is available to companies for licensing. Wearable Devices is committed to creating groundbreaking, industry-leading technology that leverages AI and proprietary algorithms, software and hardware to set the standard for entry into augmented reality, one of the fastest-growing landscapes in the technology industry. The company’s common stock and subscription rights trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

Disclaimer Regarding Forward-Looking Statements

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, which are intended to be covered by the safe harbor created by such sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, generally can 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 use forward-looking statements when we discuss the transformation of the XR industry through innovative gesture-based controls, the advantages and benefits of Mudra Band technology, and the potential benefits of combining Mudra’s touchless control technology with Snapdragon Spaces. All statements, other than statements of historical fact, contained 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 results. Instead, they are based solely 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, many of which are beyond our control. Our actual results and financial condition could 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: our use of the proceeds from the offering; trading of our common stock or warrants and the development of a liquid trading market; our ability to successfully market our products and services; customer acceptance of our products and services; our continuing ability to pay operating costs and meet demand for our products and services; the amount and nature of competition from other security and telecommunications products and services; the effects of changes in the cybersecurity and telecommunications markets; our ability to successfully develop new products and services; our success in entering into and maintaining collaboration, strategic alliances, licensing and supply agreements; our ability to comply with applicable regulations; and 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 statements, written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Contact for investors

Walter Frank
IMS Investor Relations
203.972.9200
[email protected]

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.