Fortune 500 Consumer Electronics Corporation has purchased an evaluation license for MDK wearables

The companies will work with the AI ​​department of a Fortune 500 company to explore various use cases for Mudra’s neural network-based AI controller.

YOKNEAM ILLIT, ISRAEL, July 9, 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 that a Fortune 500 consumer electronics corporation (the “Client”) has purchased a special license for its cutting-edge Mudra Development Kit (“MDK”) to evaluate certain advanced capabilities.

MDK enables developers to create unique experiences with Mudra Band and Mudra Application Programming Interface. This powerful toolkit will enable the Client’s development team to seamlessly integrate advanced features into upcoming products, enhancing the user experience with innovative gesture control technology.

Customer, a Fortune 500 company, is known for its cutting-edge technology and high-quality consumer electronics products, including smartphones, televisions, home appliances and more. With a strong global presence and reputation for innovation, the company is ideally positioned to leverage MDK’s capabilities to develop next-generation user interfaces.

Asher Dahan, CEO of Wearable Devices, commented, “We are thrilled to see our Mudra technology recognized by a prominent player in the consumer electronics market. This special license to evaluate the potential for deep integration is a significant step forward for us, as it demonstrates the growing recognition of our technology’s potential to revolutionize user interactions, particularly in applications such as XR, TVs, 3D displays, and laptops. We look forward to seeing the innovative applications and products that will emerge from this collaboration.”

MDK aims to provide developers with the tools needed to implement advanced gesture control features into their applications. By leveraging the advanced neural input technology of Wearable Devices, developers can create intuitive and responsive user interfaces that improve the overall user experience.

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.

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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 those 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 benefits and advantages of MDK, the potential for our technology to revolutionize user interactions, and potential applications and products that will emerge from this collaboration. 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 performance. Instead, they are based solely on our current beliefs, expectations and assumptions about 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 may differ materially from those indicated in the forward-looking statements. Accordingly, 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; the trading of our common shares 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, whether 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
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