Former senior executive at Caterpillar and Dell
brings more than 35 years of industry experience and relationships
to the Palladyne AI board
Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a
developer of artificial intelligence software for robotic platforms
in the commercial and defense sectors, today announced that Michael
Young will join its Board of Directors effective February 24, 2025.
With more than 35 years of professional experience, including more
than 17 years at Caterpillar where he led Caterpillar Ventures as
well as Caterpillar’s mergers and acquisitions activities across
Asia Pacific, Young brings extensive knowledge and industry
connections to the board.
Young retired from Caterpillar in 2023 after leading Caterpillar
Ventures since its inception in 2015. During this time, he directed
Caterpillar’s investments in more than 30 companies focused on
energy, electrification, autonomy, robotics, and digital solutions.
Prior to leading Caterpillar Ventures, Young spearheaded
Caterpillar’s Mergers and Acquisition actives across Asia Pacific,
including acquisitions, joint ventures, and divestitures. Before
joining Caterpillar, Young was at Dell Computer for six years in a
variety of roles, including serving as the Chief Financial Officer
for the China and Hong Kong business when it began operations in
Xiamen, China.
“I am delighted to welcome Michael to the Palladyne AI Board of
Directors,” said Ben Wolff, President and CEO, Palladyne AI.
“Having known and collaborated with him over the years during his
time at Caterpillar, I am confident that his industry knowledge and
relationships will be incredibly valuable as we begin our efforts
to deploy our physical AI software platform for robotics with
customers around the globe.”
“I am honored and excited to join Palladyne AI’s Board of
Directors at such an exciting time for the Company as they
commercialize their AI software solutions and focus on initial
deployments,” said Young. “I believe that Palladyne AI is
well-positioned in the market to make a true impact and to help
companies automate tasks that in the past have been too difficult
to fully automate.”
Young will replace Laura J. Peterson on the board of directors
upon her retirement from the Board at the expiration of her term as
the Company’s Executive Vice Chair on February 23, 2025. Peterson
has served as a member of the Board of Directors since September
2021, as our interim President and Chief Executive Officer from May
2023 until October 2023, as our President and Chief Executive
Officer from October 2023 until February 2024, and as our Executive
Vice Chairman since February 2024.
“Laura has been an incredibly valuable contributor both as a
board member and as a senior executive with Palladyne AI,” said
Dennis Weibling, Chairman, Palladyne AI. “Her strategic acumen,
operating expertise, dedication, and steady hand has helped the
Company establish a foundation for future success. We thank her for
her leadership and many contributions.”
For more information on Palladyne AI and its artificial
intelligence software for robotic platforms, please visit
www.palladyneai.com.
About Palladyne AI Corp.
Palladyne AI Corp. (NASDAQ: PDYN) has developed an advanced
artificial intelligence (AI) and machine learning (ML) software
platform poised to revolutionize the capabilities of robots,
enabling them to observe, learn, reason, and act in a manner akin
to human intelligence. Our AI and ML software platform empowers
robots to perceive variations or changes in the real-world
environment, enabling them to autonomously maneuver and manipulate
objects accurately in response.
The Palladyne AI software solution operates on the edge and
dramatically reduces the significant effort required to program and
deploy robots enabling industrial robots and collaborative robots
(cobots) to quickly achieve autonomous capabilities even in dynamic
and or complex environments. Designed to achieve precise results
with minimal training time, limited data sets, and lower power
requirements, compared to current solutions, Palladyne AI believes
its software has wide application, including in industries such as
automotive, aviation, construction, defense, general manufacturing,
infrastructure inspection, logistics and warehousing. Its
applicability extends beyond traditional robotics to include
Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs),
and Remotely Operated Vehicles (ROVs). Palladyne AI’s approach is
expected to elevate the return on investment associated with a
diverse range of machines that are fixed, fly, float, or roll.
By enabling autonomy, reducing programming complexity, and
enhancing efficiency, we are paving the way for a future where
machines can excel in tasks that were once considered beyond their
reach.
For more information, please visit www.palladyneai.com and
connect with us on LinkedIn at
www.linkedin.com/company/palladyneaicorp.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the future uses of Palladyne
software, the benefits of the software, the capabilities or future
capabilities of Palladyne AI’s software platforms and products
generally, the benefits of the software platform and products and
the industries that could benefit from them, the impact of the
software platform and products on robotics and the applicability of
the software platform to different kinds of machines (such as UAVs,
UGVs and ROVs and different available industrial robots).
Forward-looking statements are inherently subject to risks,
uncertainties, and assumptions. Generally, statements that are not
historical facts, including statements concerning possible or
assumed future actions, business strategies, events, or results of
operations, are forward-looking statements. These statements may be
preceded by, followed by, or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or “continue” or similar expressions. Such forward-looking
statements involve risks and uncertainties that may cause actual
events, results, or performance to differ materially from those
indicated by such statements. These forward-looking statements are
based on Palladyne AI’s management’s current expectations and
beliefs, as well as a number of assumptions concerning future
events. However, there can be no assurance that the events,
results, or trends identified in these forward-looking statements
will occur or be achieved. Forward-looking statements speak only as
of the date they are made, and Palladyne AI is not under any
obligation and expressly disclaims any obligation, to update, alter
or otherwise revise any forward-looking statement, whether as a
result of new information, future events, or otherwise, except as
required by law.
Readers should carefully review the statements set forth in the
reports which Palladyne AI has filed or will file from time to time
with the Securities and Exchange Commission (the “SEC”), in
particular the risks and uncertainties set forth in the sections of
those reports entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements,” for a description of risks
facing Palladyne AI and that could cause actual events, results or
performance to differ from those indicated in the forward-looking
statements contained herein. The documents filed by Palladyne AI
with the SEC may be obtained free of charge at the SEC’s website at
www.sec.gov.
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Palladyne AI Corp PR and Investor Contacts:
Press Contact: PR@palladyneai.com
Investor Contact: IR@palladyneai.com
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