Expanding its New Space Activity Worldwide - Maris-Tech Receives a Grant from the Israel Innovation Authority for the Development of Ultra-HD Surround Video And AI-Based System on a budget of 3.17 million NIS ($880 thousand).
22 Juin 2023 - 2:10PM
Maris-Tech Ltd. (Nasdaq: MTEK) ("Maris-Tech" or the "Company"), a
B2B provider of edge AI accelerated video solutions for edge
platforms, today announced that it has received a grant from the
Israel Innovation Authority (“IIA”) to develop a system for
peripheral photography, recording, transmission, and artificial
intelligence for nanosatellites and space platforms. The IIA
will fund part of the project's budget for the first year with a
1.2 million NIS ($333 thousand) grant to Maris-Tech and may grant
additional funds to support the second year of the project.
The grant will be used to fund the development of an innovative,
state-of-the-art product based on the Company’s Uranus-AI edge
computing technology for the new space market through R&D,
testing, and evaluation of technology. Maris-Tech will design the
product, which will enable surround Ultra-HD video capture,
recording, and upload, as well as AI acceleration for spacecraft
anti-collision, proximity estimation, landing, and other
customer-defined algorithms. The holistic platform will allow
cameras in Space to take and transmit high-quality video and still
images and implement AI algorithms at the edge in real-time.
"Maris-Tech is a proud member of the Israeli new space
technology club, having provided the video recording and streaming
solution on the 2019 SpaceIL “Beresheet” spacecraft and has been
awarded the video solution for the “Beresheet” 2 Lunar Mission,
which is under development. This new development grant will bring
Maris-Tech's pioneering solutions to the forefront of the
nanosatellite market," said Israel Bar, CEO of Maris-Tech.
About Maris-Tech Ltd.
Maris-Tech is a B2B provider of video streaming and AI
technology, founded by veterans of the Israel technology sector
with extensive electrical engineering and imaging experience. Our
products are designed to meet the growing demands of commercial
and tactical applications, delivering high-performance, compact,
low power and low latency solutions to companies worldwide,
including leading electro-optical payload, RF datalink and unmanned
platform manufacturers as well as defense, HLS, and communication
companies. For more information, visit
https://www.maris-tech.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, the Company is
using forward-looking statements when it is discussing the grant
from the IIA to develop [a system for peripheral photography,
recording, transmission, and artificial intelligence for
nanosatellites and space platforms] and that new development grant
will bring Maris-Tech's pioneering solutions to the forefront of
the nanosatellite market. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on Maris-Tech's current beliefs, expectations
and assumptions regarding the future of Maris-Tech's 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. Maris-Tech's 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
Maris-Tech's actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: Maris-Tech's ability to
successfully market its products and services, including in the
United States; the acceptance of its products and services by
customers; its continued ability to pay operating costs and ability
to meet demand for its 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; its ability to successfully develop new products and
services; its success establishing and maintaining collaborative,
strategic alliance agreements, licensing and supplier arrangements;
its ability to comply with applicable regulations; and the other
risks and uncertainties described in the Annual Report on Form 20-F
for the year ended December 31, 2022, filed with the SEC on March
6, 2023, and our other filings with the Securities and Exchange
Commission. Maris-Tech undertakes 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.
Contact:
Maris-Tech Investor RelationsNir Bussy,
CFOTel: +972-72-2424022
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