Business
Maris-Tech Enters Into Agreement with Art of Logic Australia for $7.5 Million of a New Product Based On the Company’s Uranus-AI Product
This agreement is the second order received from Art of Logic Australia for an AI product developed by Maris-Tech, and the largest product delivery agreement
About this update from Maris-tech Ltd.
[{"type":"text","content":"This agreement is the second order received from Art of Logic Australia for an AI product developed by Maris-Tech, and the largest product delivery agreement Maris-Tech has received to date Rehovot, Israel, May 09, 2023 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a B2B provider of edge artificial intelligence (“AI\") accelerated video solutions for edge platforms, today announced that it has entered into a large-scale product delivery agreement (the “Agreement”) with Art of Logic Pty Ltd (\"AOL\" or “Art of Logic”) Australia. AOL develops and manufactures hardware and software systems for artificial intelligence and computer vision applications. AOL has selected Maris-Tech to develop and deliver the Callisto, a customized product based on Maris-Tech's Uranus-AI product family, a next-generation 8K ultra-HD video and Hailo-8 based AI acceleration edge computing platform (\"Callisto\"). AOL will develop its own AI computer vision software applications and will sell the integrated solution under its own brand to an end-customer based in the United States. The Callisto will serve traffic control and safe city applications in the United States. The Agreement furthers the Company’s strategic plan to expand into the U.S. market. The order is expected to be delivered to AOL in tranches during 2023 to 2025. \"We are thrilled to expand our cooperation with AOL with this Agreement for a customized product. Maris-Tech strives to provide our customers with cutting-edge, flexible, and unique technology that allows users to stream high-quality video in real-time and in extreme conditions\" said Israel Bar, CEO of Maris-Tech. \"We are delighted to continue working with Maris-Tech. This Agreement for a new customized product expands the scope of our previous order from Maris-Tech and is a testimony to our successful cooperation\" said Darren Ruger, CEO of AOL. 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 ...