OMER, Israel, Jan. 08, 2025 (GLOBE NEWSWIRE) — Odysight.ai Inc. (OTCQB: ODYS) and Israel Railways are excited to announce a collaboration to develop an advanced monitoring and predictive maintenance system designed to prevent derailments and improve the safety and efficiency of the country’s rail network. This innovative solution, powered by artificial intelligence (AI), aims to revolutionize Israel’s railway infrastructure by enhancing the performance, reliability, and safety of critical track switches.
Railway switches are vital to directing trains along their designated routes, and maintaining them in optimal condition is essential to preventing disruptions. The new AI-driven system, developed in partnership with Israel Railways’ Innovation Department, utilizes cutting-edge cameras and machine learning algorithms to monitor track switches in real-time, detect potential malfunctions, and predict issues before they lead to failures. Odysight.ai and Israel Railways plan to test the system in a pilot program across multiple railway lines in the coming months, with plans for a nationwide rollout once the system has been optimized.
Expected Key Benefits of the Collaboration of Potential Nationwide Rollout:
– Predictive Maintenance & Fault Prevention: Leveraging advanced sensors and AI algorithms, the system detects anomalies in real-time, expecting to identify potential faults before they escalate into costly malfunctions or safety hazards.
– Enhanced Safety: By continuously monitoring the condition of railway switches, the system is expected to reduce the likelihood of mechanical or electronic failures, minimizing the risk of accidents and improving overall safety for passengers and staff.
– Operational Efficiency: The system’s predictive capabilities streamline train operations which is expected to improve the accuracy of scheduling and reduce unexpected disruptions, leading to a more reliable and efficient service for passengers.
Moshe Jana, CEO of Israel Railways, said: “At Israel Railways, we are committed to leveraging cutting-edge technologies to stay at the forefront of global transportation innovation. This collaboration with Odysight is expected to enhance the efficiency and reliability of our operations, ultimately ensuring a safer and more dependable service for millions of passengers every year.”
Colonel (Res.) Yehu Ofer, CEO of Odysight, commented: “We are proud to partner with Israel Railways on this groundbreaking project. Their decision to work with us is a testament to the trust they place in Odysight’s ability to drive innovation across diverse industries. We believe this collaboration marks a significant step toward a more sustainable, data-driven, and efficient future for transportation, combining intelligent infrastructure with advanced AI technologies. We look forward to further expanding our work with Israel Railways and beyond.”
This collaboration represents a major milestone for both companies as they push the boundaries of innovation in transportation. By integrating AI with real-time monitoring systems, Odysight and Israel Railways aim to set new standards in railway safety, efficiency, and sustainability, ensuring the future of rail travel is smarter, safer, and more efficient.
About Odysight.ai
Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company’s expectations regarding its collaboration with Israel Railways. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas and Hezbollah. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.
Company Contact:
Einav Brenner, CFO
info@odysight.ai
Investor Relations Contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com
Tel: +1-917-607-8654
