Wearables enter the automotive sector with leading European carmaker

Wearable technology to be showcased in a demo car at the manufacturer’s European showroom

YOKNEAM ILLIT, ISRAEL, July 29, 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 implementation of a proof of concept for its touchless control technology in a demonstration vehicle at the showroom of a leading European automaker. The collaboration marks Wearable Devices’ first foray into the automotive industry and follows the European automaker’s purchase of a Mudra Development Kit (MDK) with hardware, including several bracelets and professional services.

The European carmaker is currently using the Wearable Devices touchless control technology in a demonstration car in its showroom. This setup allows potential customers and stakeholders to experience first-hand the seamless intuitiveness and gesture control of the vehicle’s digital interfaces. The demonstration shows how drivers can effortlessly control various functions in the car, while also allowing rear-seat passengers to enjoy entertainment on a large screen, which enhances the overall driving and ride experience.

MDK enables developers to integrate advanced gesture control features into their systems, using Wearable Devices’ innovative Mudra technology. The automaker implemented the technology to improve the driving experience by allowing drivers to interact with their vehicle’s systems without having to physically touch them, increasing convenience and safety.

Asher Dahan, CEO of Wearable Devices, commented: “We are excited to partner with a leading European automaker 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 ways to interact is more important than ever. Our Mudra technology allows drivers to focus on the road, while allowing rear seat passengers to enjoy in-vehicle entertainment and a relaxing seat experience.”

The integration of Wearable Devices touchless technology into the automotive sector creates a significant opportunity for innovation in user interfaces. As vehicles become more technologically advanced, the need for seamless and safe methods of interaction grows. Mudra Wearable Devices technology addresses this need by offering a hands-free control solution that enhances user convenience and driving safety.

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 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,” “target,” “estimate,” “anticipate” or other comparable terms. For example, we use forward-looking statements when we discuss the benefits and advantages of MDK and our technology, including its potential in the automotive sector. 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: the use of proceeds from the offering; the 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 bear operating costs and meet demand for our products and services; the extent 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 establishing and maintaining collaboration, strategic alliances, licensing and supplier 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 in 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
[email protected]