Artificial Intelligence
Wearable Devices CEO Issues Letter to Shareholders Discussing Market Opportunity and Business Strategy
Yokne’am Illit, Israel, Nov. 02, 2022 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS) (“Wearable Devices” or the “Company”), a growth company developing non-invasive neural input interface technology for both B2B and B2C consumer electronic customers, today issued the following letter from the Company’s Chairman and Chief Executive Officer, Asher Dahan.
Dear Fellow Shareholders,
With our initial public offering complete, I would like to welcome our new shareholders to our company and provide a quick update on Wearable Devices’ market opportunity and our growth strategy.
Wearable Devices is a revolutionary technology company at the forefront of one of the most exciting and rapidly growing industries in the world. With our significantly strengthened balance sheet, we are now laser focused on executing on our growth strategy. It is my firm belief that by delivering state-of-the-art technology and exciting products, we will create customer satisfaction and long-term sustained shareholder value.
As many of you know, we are at the cutting edge of the “neural control interface” for the consumer electronics market. This market is expected to grow in the coming years with the advent of the Metaverse — widely considered to be the future of the internet. The Metaverse will bring about a paradigm shift in how we interact with technology. Simulated experiences like virtual and augmented reality will become more accessible and commonly used. Some of the most recognizable names in technology, Meta being the obvious one, are making multibillion dollar investments in the Metaverse, demonstrating the tremendous perceived value and opportunity in this market.
One of the big outstanding questions is how consumers will interact with the Metaverse. Addressing this question with a practical solution is where we see the opportunity for Wearable Devices. Our vision is simple: create a world in which the user’s hand becomes a universal input device for “touchless” interaction with technology. Just as the touchscreen became the universal input method for smartphones, we believe that neural-based interfaces will become as ubiquitous as wearable computing and digital devices. Our technology allows users to interact using subtle finger movements and hand gestures in a natural and intuitive way to control their devices. As the future of computers increasingly tilts toward wearable devices, our goal is to set the input standard for the Metaverse.
Our company is aiming to build a diverse future revenue stream from both B2C and B2B. The biggest near-term revenue opportunity is our B2C Mudra Band for Apple. Our beta testing phase is underway, and we are improving the Mudra Band every day by gathering insights from users to ensure an easy onboarding and a smooth operation. Parallel to this, we are working with our manufacturing partners and establishing service protocols and other initiatives to ensure a smooth launch and the efficient fulfillment of what we expect to be strong demand based on pre-orders and industry recognition. As a reflection of our ongoing innovation, we have also announced that we will be offering the Mudra Air-Touch functionality for the Mudra Band. Mudra Air-Touch provides touchless control of the iPhone. This will enable the user to control applications like their Spotify iPhone app when their hands are wet or the phone is out of reach. Mudra Air-Touch is designed to control additional Apple devices like the iPad, Mac and Apple TV. I look forward to keeping you apprised as we move closer to product launch and mass production readiness.
While the Mudra Band for Apple Watch is a near-term revenue opportunity for Wearable Devices, we believe the B2B side of our business represents potentially exponential long-term growth as existing and new customers increase their development activity for the Metaverse. Over 100 development kits have been sold to date. Typically, following a B2B customer purchasing our development kit, we work closely with the customer to validate our technology with the goal of integrating it into the customer’s device and supporting their go-to-market strategy and timeline. We also offer licensing of a Surface Nerve Conductance (SNC) sensor module, with the option to license our software and algorithms package. We are actively partnering with companies at various stages of product development, and we are optimistic that multiple customers will evolve into revenue producing licensing agreements.
In the coming months, we have an active industry conference schedule including the International Consumer Electronics Show (CES) in Las Vegas in January 2023 and the MWC Barcelona Conference in February 2023. Should you be attending these conferences and would like to meet with management to learn more about our technology, please let us know.
I could not be more excited about our future and proud of our team. I look forward to regularly keeping you apprised of developments as we advance our strategy of being the gateway to the Metaverse.
Thank you for your belief and support in Wearable Devices.
Sincerely,
Asher Dahan, CEO
About Wearable Devices Ltd.
Wearable Devices is 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. For more information, visit https://www.wearabledevices.co.il/.
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 are discussing our intention to deliver state-of-the-art technology and exciting products that will create customer satisfaction and long-term sustained shareholder value; our expectations regarding the value, growth and opportunity of the consumer electronics market with the advent of the Metaverse; the accessibility and use of simulated experiences in the future; our belief that neural-based interfaces will become as ubiquitous as wearable computing and digital devices; our goals to build a diverse future revenue stream from both B2C and B2B; our expectations that there will be a strong consumer demand for our Mudra Band; production readiness and the product launch of our Mudra Band and our expectations to enter into future licensing agreements. 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 ability to close the offering of the securities; 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 latest prospectus contained in our Registration Statement on Form F-1 (No. 333-262838), as amended, filed with the U.S. Securities and Exchange Commission (the “SEC”) related to our initial public offering, 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 Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
[email protected]
Artificial Intelligence
Tencent Announces Winners of Flagship CarbonX Program to Combat Climate Change
SHENZHEN, China, May 23, 2024 /PRNewswire/ — Tencent (00700.HK) is awarding 13 exceptional teams that won the first phase of its groundbreaking CarbonX Program, which is aimed at boosting promising new climate technologies. The winners, which emerged from a pool of 30 finalists and more than 300 initial applications, will receive a total of around RMB 100 million (US$14 million) in financial support from Tencent. It showcases the company’s commitment to driving sustainable social innovations in the fight against climate change.
CarbonX was launched in March 2023 to advance the next generation of low-carbon technologies. Tencent has committed RMB 200 million (US$28 million) in catalytic funding over the next three years to innovative ideas that might otherwise languish or fail to gain traction.
CarbonX’s first phase focused on carbon capture, utilization, and storage (CCUS), as well as technology-based carbon removal. These solutions were chosen for their unique ability to curb emissions from hard-to-abate industries such as steel and cement, mitigate the continued reliance on fossil fuels, and reduce legacy emissions created from decades of industrialization.
Backed by Tencent’s mission of Tech for Good and an alliance of like-minded industry partners, CarbonX aims to help these cutting-edge technologies make the leap from the research or early startup stage to commercial scale. The ultimate goal is supporting them in making a significant impact toward the targets outlined in the Paris Agreement, which includes a 45 percent reduction in emissions by 2030 and achieving net-zero emissions by 2050.
Dr. Hao Xu, Tencent’s Vice President of Sustainable Social Value and Head of Tencent’s Carbon Neutrality Lab, said: “Technology innovation serves as the driving force to accelerate our progress toward achieving carbon neutrality. CarbonX program is aimed at fostering the growth of these technologies, driving positive impact across society, and laying the groundwork for a more sustainable future.”
Professor Jerry Yan, Chair Professor of the Hong Kong Polytechnic University and Co-chairman of the CarbonX expert committee, said: “To pave the path for a greener economy, we must champion the development of cutting-edge low-carbon technologies. Just as solar and wind power were nurtured in their infancy, emerging solutions like CCUS and tech-based carbon removal demand our early support.”
The program assembled a panel of experts from academia, industries, and the investor community as the jury, and welcomed submissions from diverse participants across three distinct tracks:
CarbonX Lab: Designed to incubate research institutions, universities, or labs that bring in game-changing climate solutionsCarbonX Accelerator: Designed to accelerate the growth of climate-tech startups that exhibit commercialization potentialCarbonX Infrastructure: Designed to support capacity building to facilitate industry developmentThe finalists comprise four projects from the Lab track, six from the Accelerator track, and three from the Infrastructure track. These projects explore innovative solutions, such as using steel slag to capture and store carbon directly from furnace exhaust, converting CO2 into sustainable aviation fuel and valuable chemicals through electrochemical reactions or microorganisms, and employing new approaches to directly capture CO2 from the atmosphere with the hope of slashing the cost to less than US$150 per ton.
Meanwhile, Tencent is also collaborating with Tsinghua University to develop a comprehensive system of Measure, Reporting and Verification (MRV) tools to accurately gauge progress toward decarbonization.
Aside from receiving financial and advisory support, several projects will also have the opportunity to collaborate with industry partners and test their research beyond the laboratory setting.
Building upon the success of the first phase, Tencent is poised to launch the second iteration of CarbonX globally as early as later this year in pursuit of early-stage climate tech innovation.
View original content:https://www.prnewswire.co.uk/news-releases/tencent-announces-winners-of-flagship-carbonx-program-to-combat-climate-change-302153596.html
TAIPEI, May 23, 2024 /PRNewswire/ — NEXCOM, a leading supplier of network solutions, published AI and storage performance test results of its NSA 7160R: high-performance Edge server. NSA 7160R is powered by dual Intel® Xeon® Scalable processors for high computing, and enhanced with DDR5 memory, high-bandwidth PCIe Gen5 LAN modules, and high-capacity NVMe storage modules. The test results show the efficiency of the NSA 7160R in processing edge video server workloads and were explained in the accompanying paper.
Edge AI Is the Future
With the rise of smart cities, processing data from cloud to the edge is becoming increasingly critical. Imagine the surge of visual data from ubiquitous security cameras – that information needs real-time analysis right where it’s collected. This is just the tip of the iceberg. As artificial intelligence permeates our lives, certain AI tasks will also need edge computing for efficient, lightning-fast performance. The key is to avoid bottlenecks in the data center by keeping things localized and streamlined.
Your Turnkey Solution Awaits
When it comes to Edge video servers, you need top-notch hardware and software that can handle all the “heavy lifting”. To speed up the total solution bringing up Intel comes in with their Intel® Edge Video Infrastructure (Intel® EVI) reference design. NEXCOM ran a bunch of tests using this design to evaluate its NSA 7160R for essential tasks including storage, image retrieval, and AI features such as inference and feature matching.
After conducting all tests, the results have shown that NSA 7160R meets all performance expectations with outstanding results. For a detailed breakdown of the solution description, test configuration, and results, please refer to the accompanying paper.
Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries.
About NEXCOM
Founded in 1992 and headquartered in Taipei, Taiwan, NEXCOM integrates its diverse capabilities and operates six global businesses, including the Network and Communication Solutions (NCS) unit. NCS focuses on the latest network technology and helps to build reliable network infrastructure, by delivering professional design and manufacturing services for customers all over the world. NCS’s network application platform is widely adopted in Cyber Security, Load Balancing, 5G uCPE, SD-WAN, SASE, Edge Computing, OT Security, Storage, NVR, and other network applications for businesses of all sizes.
Video – https://www.youtube.com/watch?v=4WlO8fyWnu4
View original content:https://www.prnewswire.co.uk/news-releases/nexcom-delivers-exceptional-performance-in-edge-ai-video-analytics-302153555.html
SHANGHAI, May 23, 2024 /PRNewswire/ — Qiming Venture Partners, a global-leading venture capital firm, is pleased to announce the promotion of Alex Zhou to Managing Partner.
As a Qiming home-grown Managing Partner, Alex first joined the firm in 2014 as a Vice President and has since emerged as one of the most active investors in frontier technologies, especially in the field of artificial intelligence. Alex will join fellow Managing Partners Duane Kuang, Nisa Leung and William Hu in managing Qiming’s operations.
In the past few years, Alex has actively participated in or led investments in many outstanding technology companies across the artificial intelligence, robotics, semiconductors, new energy vehicles, and software sectors. Notable among these include Roborock, UBTech, Unisound, Biren Technology, ROX Motor, VIEWTRIX Technology, Zhipu AI, Mech-Mind Robotics, Axera, HyperStrong, DeepWay, etc.
“I am deeply grateful for the guidance and trust I received from Qiming over the past 10 years.” Alex said. “We are at the forefront of a new wave of technological revolution. This era will undoubtedly bring about many bold innovators who will shape the future. Together with all the Managing Partners and colleagues at Qiming, I am excited and fully committed to seize the opportunities, embrace any potential challenges, explore new possibilities and build a better Qiming.”
Since its inception 18 years ago, Qiming has always committed to upgrading its institutional capabilities and team development in order to stay ahead in an ever-evolving technological and market landscape. The success achieved in the fields of healthcare, mobile internet and frontier technology is a testament to this strategic approach. Alex’s promotion to the most senior position in the firm demonstrates Qiming’s continued confidence in the future of technology innovation.
About Qiming Venture Partners
Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.
Since our debut, we have backed over 530 fast-growing and innovative companies. Over 200 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 70 portfolio companies that have achieved unicorn or super unicorn status.
Many of our portfolio companies are today’s most influential firms in their respective sectors, including Xiaomi, Meituan, Bilibili, Zhihu, Roborock, Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, Schrödinger, APT Medical, New Horizon Health, Sanyou Medical, AmoyDx, Berry Genomics, SinocellTech, UBTech, Yuanxin Technology, Caidya, Belief BioMed, WeRide, among many others.
View original content:https://www.prnewswire.co.uk/news-releases/qiming-venture-partners-promotes-alex-zhou-to-managing-partner-302153306.html
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