Benzinga | Jun 21, 2021 07:18AM EDT

RADA Electronic Industries and BeyondMinds Executed LOI to Establish Strategic Teaming to Develop and Productize Advanced Ai and Deep Learning (Dl) Solutions for Rada's Tactical Radars

RADA Electronic Industries Ltd. (NASDAQ:RADA) and BeyondMinds, a leading global provider of artificial intelligence (AI) solutions, have executed a Letter of Intent to establish strategic teaming to develop and productize advanced AI and deep learning (DL) solutions for RADA's tactical radars.

RADA has defined AI as a core capability, and has recently assembled a core group, which along with BeyondMinds' cutting-edge AI models and unique solutions, is expected to maintain and enhance RADA's leadership in the market of tactical radars for the maneuver force. Solutions will focus on increased accuracy, advanced target classification and dynamic adaptation of radar performance to the ever-changing operational environment.

A definitive agreement is due by end of July 2021.

Rotem Alaluf, BeyondMinds' CEO, commented, "We are very excited to work with RADA, a true leader in developing the most advanced and compact radar systems for today's combat field. We believe that our AI capabilities and production-grade platform will elevate RADA's radar detection and identification capabilities to the next level, and we look forward to a fruitful working relationship."

Dov Sella, RADA's CEO, commented, "We are continually focused on improving our radar products and enhancing its capabilities, and BeyondMinds quickly brings us significantly advanced functionality. Our global end-markets are continuing to grow quickly and we believe our broadening capabilities will allow us to maintain our competitive edge while expanding our addressable markets."