Maris-Tech Receives Grant Approval in the Amount of Approximately $156,000 from the Israel Innovation Authority for the Second Year of a Joint Development Project with the Ben Gurion University
Rehovot, Israel, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a B2B provider of Artificial intelligence (“AI”) accelerated video solutions for edge platforms, today announced that it has a grant approval of approximately $156,000 from the Israel Innovation Authority (“IAA”) to support the second year of a joint development project with the Ben Gurion University of the Negev (“BGU”).
- The grant represents 66% of the total budget for the second year operation (or approximately $236,000) of the ongoing joint project to develop an advanced system based on AI and machine learning (“ML”) for diagnosing and predicting drone faults and malfunctions.
- The total budget for the two-year project is approximately $695,000.
- The aim of the project is to adapt and integrate an identification and prediction model developed at BGU in existing Maris-Tech systems.
- The grant was approved based on the successful completion and meeting of the objectives of the first-year work plan and the continued successful collaboration between Maris-Tech and BGU.