The Wearable Devices Ltd (NASDAQ: WLDS) stock price soared 103% after the Israel Innovation Authority (IIA) approved a $900,000 (NIS 3.1 million) grant for the company. This is the fourth grant received by the Israeli company from the IIA.
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Investors cheered the news by buying WLDS stock, which rose 103% during premarket trading but has since given up some of its earlier gains and was trading up 58.7% at writing. The company intends to use the new funding to establish advanced manufacturing capabilities in Israel.
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The latest grant is unique because it came from the IIA New Product Manufacturing program indicating that Wearable Devices was much closer to starting the manufacturing of its Mudra band, which works in collaboration with the Apple watch to help users control their watches and iPhones using touchless finger movements.
The Mudra band technology is unique in that it works via a non-invasive neural input interface technology, through which users can control their devices using subtle finger movements without touching either the band or their devices.
Wearable Devices plans to expand its technology to include AR glasses, VR headsets, smart home technologies, robotics and sports analytics. However, many are waiting for the form to start selling its Mudra bands so that they can test their effectiveness, given the underlying neural technology.
Asher Dahan, CEO and Co-Founder of Wearable Devices, said: “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. We are honored by the continued validation of the Israel Innovation Authority for our unique AI-based wearable technology.”
*This is not investment advice.
Wearable Devices (WLBS) stock price chart.
The Wearable Devices (WLDS) stock price soared 103.17% to trade at $1.28, from Wednesday’s closing price of $0.63.
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