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Wearable Devices Ltd. (NASDAQ: WLDS) announced it has received a grant approval from the Israel Innovation Authority (“IIA”) in the amount of $900,000 (NIS 3.1 million) to finance further development of the Company’s manufacturing process of its flagship wearable neural interface, the Mudra Band. This is the fourth grant Wearable Devices has received from the IIA, and it is the first time to receive a grant from the IIA New Product Manufacturing program. The Company previously received three research and development grants for the development of hardware and software for the Company’s Mudra technology. The IIA will finance 60% of the approved grant.
“This grant facilitates our efforts to establish the manufacturing infrastructure capability of the Mudra Band, our flagship consumer product, and additional wrist-worn neural interfaces. While we will work with manufacturing partners to scale production, the sophisticated and crucial technology and elements of the manufacturing process will be handled internally. This grant will help us further establish certain advanced manufacturing capabilities in Israel to assure the highest quality, efficiency and reliability by reducing logistical barriers and maintaining a competitive advantage,” stated Asher Dahan, Chief Executive Officer and Co-Founder of Wearable Devices. We are honored by the continued validation of the Israel Innovation Authority for our unique AI-based wearable technology.”
Wearable Devices Ltd. (the “Company”), a growth company developing a non-invasive neural input interface technology in the form of a wrist wearable band for controlling digital devices using subtle finger movements. Our company’s vision is to create a world in which the user’s hand becomes a universal input device for touchlessly interacting with technology, and we believe that our technology is setting the standard input interface for the Metaverse. Since our technology was introduced to the market, we have been working with both Business-to-Business and Business-to-Consumer customers as part of our push-pull strategy. Combining our own proprietary sensors and Artificial Intelligence, or AI, algorithms into a stylish wristband, our Mudra platform enables users to control digital devices through subtle finger movements and hand gestures, without physical touch or contact.