NETANYA, Israel, June 21, 2021 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA, TASE: RADA), a leading global provider of advanced software-defined tactical radars for the maneuver force, and BeyondMinds, a leading global provider of artificial intelligence (AI) solutions, have executed a Letter of Intent to establish strategic teaming to develop and productize advanced AI and deep learning (DL) solutions for RADA’s tactical radars.
RADA has defined AI as a core capability, and has recently assembled a core group, which along with BeyondMinds’ cutting-edge AI models and unique solutions, is expected to maintain and enhance RADA’s leadership in the market of tactical radars for the maneuver force. Solutions will focus on increased accuracy, advanced target classification and dynamic adaptation of radar performance to the ever-changing operational environment.
A definitive agreement is due by end of July 2021.
Rotem Alaluf, BeyondMinds' CEO, commented, “We are very excited to work with RADA, a true leader in developing the most advanced and compact radar systems for today’s combat field. We believe that our AI capabilities and production-grade platform will elevate RADA’s radar detection and identification capabilities to the next level, and we look forward to a fruitful working relationship.”
Dov Sella, RADA’s CEO, commented, “We are continually focused on improving our radar products and enhancing its capabilities, and BeyondMinds quickly brings us significantly advanced functionality. Our global end-markets are continuing to grow quickly and we believe our broadening capabilities will allow us to maintain our competitive edge while expanding our addressable markets.”
About RADA
RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including critical infrastructure protection, border surveillance, active military protection and counter-drone applications.
About BeyondMinds
Founded in 2018, BeyondMinds has developed a production-grade AI platform which enables the acceleration of AI adoption in diverse verticals including BFSI, manufacturing, government and military. BeyondMinds’ AI platform overcomes the massive failure rate of AI adoption, enabling enterprises a fast, easy, and reliable path to AI impact. www.beyondminds.ai
Forward Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
| RADA Company Contact: Avi Israel (CFO) Tel: +972 76 5386200 mrkt@rada.com www.rada.com BeyondMinds Contact: Brook Terran Brook@beyondminds.ai Tel: +1 336 269 7001 | RADA Investor Relations Contact: GK Investor Relations Ehud Helft Tel: +1 646 201 9246 ehud@gkir.com |