Memorandum of Understanding signed for Six Million NIS
TEL AVIV-Israel – May 22nd, 2022, Razor Labs (TASE: RZR) a leading developer of AI solutions for industrial manufacturing processes, today announced they have signed a Memorandum of Understanding with a global defense company for six million NIS, over 18 months, for the purchase of four AI systems based on the company’s Inspection AI product, which is currently under development, that can automatically detect and classify a wide range of ammunition defects at the production process.
Inspection AI can detect defects and malfunctions during the production process – providing a breakthrough solution for identifying structural patterns and anomalies. Once classified it then provides automatic distribution depending on the defect type. The solution enables efficient and economic decisions, in real-time, and discerns the patterns of defects.
Raz Roditti, Razor Labs CEO: “This significant deal is aligned with our company focus and is a result of the intense focus on scalable solutions that can become products over the last year. We are making strides to become a global competitive and innovative AI product supplier to implement AI across a wide range of industries. We believe this will open the door to many opportunities in helping digitally transform the production processes.”
Gilli Heisler, COO Razor Labs: “We see this as another move forward in the Industry 4.0 revolution for industrial manufacturing plants, and are excited to provide this global defense leader with a disruptive technology that enables higher levels of operational excellence.”
Click here to view the Tel Aviv Stock Exchange filing about this agreement.
ABOUT RAZOR LABS
An AI industry leader, Razor Labs is on a mission to transform leading industries into smarter, safer and more efficient operations, helping them unlock greater value and become more sustainable. Razor Labs embodies the spirit of Israeli innovation together with a forward-thinking global perspective, and together with its multinational partners is driving change across multiple industries and numerous fields.