Wearable Devices and RayNeo Collaborate to Lead the Industry of Neural Control for AR Glasses

YOKNEAM ILLIT, ISRAEL, Oct. 15, 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, today announces the collaboration with RayNeo™ (“RayNeo”), a leader in augmented reality (AR) technology, to collaborate in delivering mass production level solution of next-generation neural interface AR glasses.

Both parties will be showcasing how neural interface technology can be seamlessly integrated into AR devices, enhancing user experience by enabling hands-free, gesture-based interactions in augmented and mixed reality environments.

RayNeo is known for its innovations in AR, developing cutting-edge AR glasses that enhance immersive experiences by overlaying digital content in the real world. By integrating RayNeo’s AR glasses with Wearable Devices’ neural gesture control technology, users can experience a truly hands-free interaction, elevating the immersive experience to new heights.

“We are thrilled to collaborate with an innovative leader such as RayNeo,” said Asher Dahan,  Chief Executive Officer of Wearable Devices. “Our Mudra technology demonstrates the potential of neural gesture control to create immersive, intuitive, and natural interactions in mixed reality environments. This partnership reflects our mutual vision of redefining how people interact with technology in the rapidly evolving extended reality (XR) space.”

“Collaborating with Wearable Devices represents a significant leap forward in the future of AR technology,” said Howie Li, CEO of RayNeo. “By combining RayNeo’s advanced AR glasses with the cutting-edge neural interface technology from Wearable Devices, we are committed to providing innovative solutions that empower users and transform everyday experiences. We believe this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences.”

This collaboration highlights the potential for future innovations in the XR market. The combination of RayNeo’s advanced AR hardware and Wearable Devices’ neural input technology creates exciting possibilities for the next generation of smart wearables, offering seamless and touchless control across various applications. The details of the full terms of this collaboration are subject to negotiation and execution of definitive agreements.

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 symbols “WLDS” and “WLDSW”, respectively.

About RayNeo™

RayNeo™, incubated by TCL Electronics (1070.HK), is an industry leader in consumer-grade AR innovation, developing some of the world’s most revolutionary AR consumer hardware, software and applications. RayNeo specializes in the research and development of AR technologies with industry-leading optics, display, algorithm and device manufacturing.

Established in 2021, RayNeo has launched the world’s first full-color Micro-LED optical waveguide AR glasses, achieving several technology breakthroughs in the industry. Alongside winning the “Best Connected Consumer Device” at MWC’s Global Mobile Awards (GLOMO) 2023 with NXTWEAR S, RayNeo also developed the innovation consumer XR wearable glasses, RayNeo Air 2, featuring top-tier, cinematic audiovisual experiences with ultimate comfort. For more information, please visit: https://www.rayneo.com/

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 benefits and advantages of our technology and solutions and those of RayNeo and our expectation that this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences. 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. The Company may not enter into or complete any definitive agreement for the proposed collaboration or, even if it does, such collaboration may not achieve the intended benefits. 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: the full terms of the contemplated collaboration which are subject to negotiation and execution of definitive agreements; 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
wearabledevices@imsinvestorrelations.com