Wearable Devices, which is developing non-invasive neural input technology for consumer electronics, filed on Friday with the SEC to raise up to $18 million in an initial public offering.
The Yokne'am Illit, Israel-based company plans to raise $18 million by offering 3.6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Wearable Devices would command a fully diluted market value of $79 million.
Wearable Devices is developing a non-invasive neural input interface in the form of a wrist wearable band for controlling digital devices like consumer electronics, smart watches, and smartphones using subtle finger movements. Its proprietary technology and AI algorithms are used in its Mudra platform. The company is in the final stage of manufacturing its first B2C consumer product, the “Mudra Band," an aftermarket accessory band for the Apple Watch which allows touchless operation and control of the watch.
Wearable Devices was founded in 2014 and plans to list on the Nasdaq under the symbol WLDS. Aegis Capital Corp. is the sole bookrunner on the deal.
