The joint solution will integrate safety technology and predictive maintenance into a unified platform, leveraging Maris-Tech’s artificial intelligence and video analytics capabilities
Rehovot, Israel, Oct. 12, 2023 — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech”), a B2B provider of edge artificial intelligence (“AI”) accelerated video solutions for edge platforms, and ParaZero Technologies Ltd. (Nasdaq: PRZO) (“ParaZero”), an aerospace company focused on drone safety systems, today announced an expansion of their collaboration.
Maris-Tech and ParaZero entered into a letter of intent pursuant to which the companies will collaborate to develop a unified product, integrating safety technology and predictive maintenance. In addition, the companies will explore the possibility of enhancing the capabilities of ParaZero’s failure prediction and emergency safety system, utilizing the AI acceleration capabilities in Maris-Tech’s original equipment manufacturer (OEM) products.
Commenting on the collaboration, Israel Bar, Maris-Tech’s CEO, said, “Safety in drone systems is paramount in the defense industry. Our collaboration with ParaZero ensures advanced safety measures, underlining our commitment to being at the forefront of edge technologies.”
The CEO of ParaZero, Boaz Shetzer, said, “Maris-Tech’s cutting-edge video payloads and AI capabilities elevate drone safety, showcasing the future of aerospace technology for the defense industry.”
Mr. Amitay Weiss is the Chairman of the board of directors of Maris-Tech and also the Chairman of the board of directors of ParaZero.
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.
About ParaZero Technologies Ltd.
ParaZero Technologies Ltd., (https://parazero.com)is a world-leading developer of autonomous parachute safety systems for commercial drone and urban air mobility (UAM) aircraft. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero designs smart, autonomous parachute safety systems designed to enable safe flight operations over populated areas and beyond-visual-line-of-sight (BVLOS).
Forward-Looking Statement Disclaimer
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Nir Bussy, CFO