The Integration solves major camera-based hand tracking limitations such as accuracy, power and field of view , which are critical for mass adoption of Augmented and Virtual Reality

YOKNEAM ILLIT, ISRAEL, July 01, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, announced the successful completion of its first phase of integration with Qualcomm’s Snapdragon Spaces™, extended reality (XR) Developer Platform. This milestone follows the collaboration agreement announced earlier this year, marking a significant moment in the XR industry through innovative gesture-based control.

The successful completion of this integration stage, previously announced, enhances the capabilities of XR environments and highlights Wearable Devices’ dedication to advancing the frontier of wearable technology. By leveraging the precise gesture recognition enabled by Mudra technology, the Snapdragon Spaces™ platform will offer users a more natural and intuitive interface, thereby elevating the overall XR experience.

Revolutionizing XR with Cutting-Edge Technology

Wearable Devices’ Mudra Band technology seamlessly integrates with the Snapdragon Spaces™ platform, overcoming the limitations of traditional camera-based hand tracking. This integration leverages user experiences in an augmented reality (AR) environment, redefining how users interact with digital worlds.

Key Innovations:

• Pioneering Efficiency: This breakthrough reduces the dependency on camera-based systems, making XR devices more cost-effective, power efficient, thinner, lighter and more fashionable for original equipment manufacturers (OEMs).
• Advanced Gesture Control: The Mudra Band technology enables precise gesture recognition, providing a natural and intuitive interface for XR applications.
• Advanced Pressure Detection: Mudra Band’s state-of-the-art pressure detection technology accurately senses fingertip pressure variations, enabling precise and subtle gesture recognition. This provides users with a more natural and intuitive interface for XR applications.
• Enhanced User Experience: By combining Mudra’s touchless control technology with Snapdragon Spaces™, users will enjoy a more immersive and responsive digital environment.

Offir Remez, Executive Vice President of Business Development at Wearable Devices, stated, “This collaboration with Qualcomm and the Spaces team is already making strong head waves towards our goal to turn the XR industry into a massively used solution just like smartphones. Feedback from our partners and industry leaders has been overwhelmingly positive, highlighting the transformative potential of our technology. We are excited to lead the way in creating seamless, intuitive XR experiences that push the boundaries of what’s possible.”

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 Disclaimer

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, 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 transforming the XR industry through innovative gesture-based control, advantages and benefits of Mudra Band technology, and the potential benefits of combining Mudra’s touchless control technology with Snapdragon Spaces. 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, 2023, filed on March 15, 2024 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 Frank
IMS Investor Relations
203.972.9200
[email protected]

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.

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