Duke Robotics Corp. ("Duke Robotics" or the "Company"), a leader in advanced robotics technology and autonomous drone solutions, today provided an update regarding developments in its collaboration with Elbit Systems ("Elbit") relating to its stabilized weapons drone system technology and Duke Robotics’ TIKAD.
Since the Company’s original Collaboration Agreement with Elbit, announced in February 2021 (“Agreement”), Elbit has made significant progress and has been marketing and deploying the system with customers under the brand name “Birds of Prey”.
The stabilized weapons drone system features proprietary technology that enables precise remote operations via an unmanned aerial platform, designed to enhance military operational capabilities while minimizing risk to personnel with no boots on the ground.
Building on these positive developments, the companies have agreed to expand their collaboration according to the Agreement to allow Duke Robotics to market this innovative system to military, defense, home-land security and para-military customers, in coordination with Elbit. Duke Robotics will be entitled to a commission fee, in the mid-single figure percentage range, from transactions resulting from its marketing activities, in addition to the royalties it is entitled to as part of the original Agreement.