RADA partners with BeyondMinds on advanced AI solutions for
NETANYA, Israel, June 21, 2021 (GLOBE NEWSWIRE) – RADA Electronic Industries Ltd. (NASDAQ: RADA, TASE: RADA), one of the world’s leading providers of advanced tactical maneuver force software-defined radar, and BeyondMinds, a leading global provider of artificial intelligence (AI) solutions, have signed a letter of intent to establish a strategic team to develop and produce advanced AI and learning solutions (DL) for RADA tactical radars.
RADA has defined AI as a core capability and recently formed a core group which, together with the cutting edge AI models and unique solutions from BeyondMinds, is expected to maintain and strengthen RADA’s leadership in the tactical radar market for maneuver force. Solutions will focus on increased accuracy, advanced target classification and dynamic adaptation of radar performance to the ever-changing operational environment.
A final agreement is expected by the end of July 2021.
Rotem Alaluf, CEO of BeyondMinds, commented: “We are very pleased to be working with RADA, a true leader in the development of the most advanced and compact radar systems for the battlefield today. We believe our AI capabilities and production platform will take RADA’s radar detection and identification capabilities to the next level, and look forward to a successful working relationship.
RADA CEO Dov Sella commented: “We are continuously focused on improving our radar products and enhancing their capabilities, and BeyondMinds is quickly bringing us significantly advanced functionality. Our global end markets continue to grow rapidly and we believe that our expansion capabilities will allow us to maintain our competitive advantage while expanding our target markets.
RADA is a global defense technology company specializing in proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive and high-growth markets including critical infrastructure protection, border surveillance, active military protection and counter-drone applications.
Founded in 2018, BeyondMinds has developed a production-grade AI platform that helps accelerate AI adoption across various verticals including BFSI, manufacturing, government, and the military. BeyondMinds AI platform overcomes massive failure rate of AI adoption, providing businesses with a fast, easy, and reliable path to AI impact. www.beyondminds.ai
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially. These uncertainties related to risks and other factors include, but are not limited to, changes in general economic conditions, risks associated with product and technology developments, market acceptance of new products and continued demand for products. , the level of competition and other factors described in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission.