Jeffs’ Brands Ltd, a data-driven e-commerce firm operating on the Amazon Marketplace, has entered into a non-binding letter of intent with Sky Growth Partners Ltd. to invest in an innovative Digital Light Processing (DLP) laser-based system designed for counter-drone solutions, initially focusing on the defense sector.
As per MarketsandMarkets, the counter-drone market, encompassing laser, electronic, and kinetic systems for military, homeland security, and commercial platforms, was valued at $1.2 billion in 2022 and is projected to reach $5.2 billion by 2028.
According to the LOI disclosed on December 14, 2023, Sky Growth will establish and transfer all technology rights to a new Israeli company, NewCo, responsible for developing, manufacturing, and marketing the technology. After a $2 million investment, Jeffs’ Brands will hold a 70% equity interest in NewCo. Additionally, under the LOI terms, the Company will provide a credit line of up to $250,000 with an 8% annual interest rate for NewCo’s utilization, subject to specified conditions. The LOI also outlines milestone conditions, if achieved by NewCo, which will grant founders additional equity interests in NewCo without additional consideration.
NewCo aims to develop a technological system based on a pending patent involving an electro-optical defense system combining laser and DLP technology. Upon successful development, the system will offer stationary or mobile dynamic protection, disrupting the operation of cameras on remotely operated drones and aircraft. The system’s applications include neutralizing drone attacks, safeguarding against commercial espionage, strategic infrastructure protection, and more for defense and commercial purposes.
The Investment is contingent on the successful completion of due diligence, execution of binding definitive agreements, and compliance with regulatory requirements and approvals. (Press Release)
About Jeffs’ Brands Ltd
Jeffs’ Brands is revolutionizing e-commerce by creating and acquiring products, transforming them into market leaders with untapped growth potential. Leveraging expertise in the FBA Amazon business model, the company utilizes human capability and advanced technology to elevate products. For more information, visit Jeffs’ Brands.
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