The Grant received from the Israeli Innovation Authority
REHOVOT, Israel, Aug. 24, 2022 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (NASDAQ:MTEK) (“Maris-Tech” or the “Company”), a B2B provider of intelligent video transmission technology, today announced it has received a joint grant with Ben Gurion University, Be’er Sheva, Israel, from the Israeli Innovation Authority.
The goal of the joint project is to develop an AI (artificial intelligence) and ML (machine learning) based system for detecting, diagnosing and predicting faults and malfunction in drones, by adapting and integrating an identification and prediction model developed at Ben Gurion University in existing systems of Maris-Tech.
“We are honored to receive this grant with a leading university like Ben Gurion and consider this grant as a vote of confidence in our technology. After assessing the project, the combination of both technologies, and our ability to deliver advance products, the Company was awarded the grant. It is our intention to continue partnering with leading organizations and harness our products’ advantages to additional sectors and systems. This program is another layer in the Company’s intention to provide edge computing solutions on drones”. said Israel Bar, CEO of Maris-Tech.
The total approved budge for the first year of the joint project amounts to approximately $400,000. The grant represents 66% of the total budget for the project. The overall project is planned for two years with a higher budget after the first year. In the second year, the Israeli Innovation Authority will increase the budget if the Company meets certain milestones. The Israeli Innovation Authority will not receive any royalties from future potential revenues of the Company.
This program was initiated and will be led by Mr. Magenya Roshanski, the Company’s CTO.
