In the last 12 months, Wearable Devices Ltd. generated $130,000 in revenue and had a net loss of $1.1 million. Wearable Devices Ltd. has a market cap of $73.7 million.
Aegis Capital Corp. served as the underwriter for the IPO.
Wearable Devices Ltd. provided the following description of their company for its IPO: “We are a growth company developing a non-invasive neural input interface in the form of a wrist wearable band for controlling digital devices using subtle finger movements. (Incorporated in Israel) Since our technology was introduced to the market in 2014, we have been working with both Business-to-Business, or B2B, and Business to Consumer, or B2C, customers as part of our push-pull strategy. We are now in the transition phase from research and development to commercialization of our technology into B2B products. At the same time, we are in the final stage of manufacturing our first B2C consumer product, the “Mudra Band,” an aftermarket accessory band for the Apple Watch, which allows touchless operation and control of the watch. 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. 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. These digital devices include consumer electronics, smart watches, smartphones, Augmented Reality, or AR glasses, Virtual Reality, or VR headsets, televisions, personal computers and laptop computers, drones, robots, etc. We have sold our Mudra Inspire development kit product to B2B customers since 2018 as our first point of business engagement and it has contributed to our early-stage revenues. At the Consumer Electronics Show (CES) 2021, the Mudra Band for Apple Watch, our flagship consumer product, won Innovation Award Honoree and the Best Wearable Award. The product is in its final stages of manufacturing. (Note: Wearable Devices Ltd. revised its unit IPO by raising the price range to $5.20 to $7.20 per unit, up from $4.00 to $6.00 previously, and keeping the number of units at 3.6 million, in an F-1/A filing dated April 6, 2022.) “.
Wearable Devices Ltd. was founded in 2014 and has 15 employees. The company is located at 2 Ha-Ta’asiya St., Mudra Wearable, Inc. Yokne’am Illit, 2069803 Israel and can be reached via phone at +972.4.6185670 or on the web at http://www.wearabledevices.co.il/.
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