Odysight.ai Secures More Than $10 Million Private Placement to Accelerate its Growth
Summary
OMER, Israel, July 15, 2024 (GLOBE NEWSWIRE) Odysight.ai (OTCQB: ODYS), a leading provider of Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) solutions, today announced that it has secured a private placement of 2,144,583 shares of the Companys common stock, at a purchase price of $4.80 per share.Gross proceeds from the private placement of more than $10 million are expected to be used for working capital and general corporate purposes, including to further advance purchase orders for the Companys innovative products and technology in the fields of Predictive Maintenance and Condition Based Monitoring, critical pillars of Industry 4.0. These funds will provide the capital necessary to accelerate Odysight.ais sales, vertical expansion and strategic partnerships and enable it to become a leader in the video analytics cloud-based AI predictive maintenance market. Leveraging proven visual technologies and video analytics, our unique video-based sensors and AI algorithms operate in challenging environments, offering vital insights for maintenance teams. The companys mission is to provide transformative insights, maximizing capabilities and revolutionizing technological potential through cutting-edge AI and video sensors. Deployed globally, Odysight.ais transformative technology addresses evolving risks, enhances system life cycles, promoting cost-effective readiness in aviation and aerospace.