Wearable Devices Signs an Agreement with Qualcomm to Collaborate in Elevating XR Experiences with Mudra Neural Technology
February 12 2024 - 7:20AM
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 collaboration agreement with Qualcomm
Technologies, Inc. This collaboration will help those looking to
use Wearable Devices' innovative Mudra technology when developing
products using the Qualcomm Snapdragon Spaces™ XR Developer
Platform, redefining interaction in augmented reality (“AR”) and
virtual reality (“VR”) environments.
The Mudra technology, known for its touchless control
capabilities, has been optimized to work with Snapdragon Spaces,
enhancing the user experience with intuitive, gesture-based
interactions. This collaboration marks a significant step towards
the future of immersive digital experiences.
"Our collaboration with Qualcomm Technologies team is a
testament to our commitment to innovation in wearable technology,"
said Offir Remez, Executive Vice President of Business Development
at Wearable Devices. "By optimizing Mudra with Snapdragon Spaces,
we are setting a new standard for user interfaces in the XR space.
This is a game-changer for the industry."
Wearable Devices is poised to redefine user interaction in AR
and VR environments, combining the best of touchless control
technology with state-of-the-art XR chipsets. “This experience
model underscores the confidence in the product's market potential
and commercial need, and reflects the commitment of both Wearable
Devices and Qualcomm Technologies to drive forward technological
innovation and growth in the XR and wearable domain,” stated Mr.
Remez.
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 DisclaimerThis 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 potential benefits
of the collaboration with Qualcomm, our ability to set a new
standard for user interface in the XR space, our intention to
promote the combined solution across various platforms and events,
the product’s market potential and commercial viability and our
commitment to innovation in wearable technology. 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, 2022,
filed on March 22, 2023 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 FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
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.
Wearable Devices (NASDAQ:WLDS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Wearable Devices (NASDAQ:WLDS)
Historical Stock Chart
From Oct 2023 to Oct 2024