Wearable Devices Receives Approval for $900,000 Grant Budget for Developing a Manufacturing Process of its AI-based Neural Input Products

Wearable Devices a growth company developing a wrist-worn neural interface technology for B2B and B2C customers, 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.”

Source: Wearable Devices media announcement