News

Sightec Completes First Drone Delivery Without GPS

Published

3 years ago

February 19, 2021

sightec completes first drone delivery without gps

Matrix

Some of the world’s largest retailers and e-commerce companies are actively exploring the potential of drones to deliver goods across short to medium distances. Now, Israeli startup Sightec has successfully completed its first drone delivery without GPS.

Instead of location signals provided by satellites, the drone relies on a software solution combining computer vision with artificial intelligence technologies, called NaviSight, to autonomously get to its destination.

NaviSight is compatible with all camera-equipped off-the-shelf drones. With the help of advanced video processing, the software essentially transforms the camera into a smart sensor, allowing the drone to understand its surroundings and identify its location in real-time.

“We give drones the ability to get from point A to point B safely without the need for GPS signals,” said Roy Shmuel, the CEO of Sightec. “There is no available solution today for players globally,” he added.

The test was part of a pilot program operated by Israel’s Ministry of Transport (MOT), Ayalon Highways, the Civil Aviation Authority of Israel (CAAI), and the Israel Innovation Authority. The goal of the program is to test and demonstrate the viability of autonomous drones in managed airspace.

During the test, Sightec successfully navigated the drone on five pre-determined routes near the southern city of Yeruham. “The drone completed each route safely, from take-off to full landing, over desert and construction sites,” said Shmuel.

Also Read: Apple Likely To Release 8K VR Headset In 2022

Not depending on GPS for navigation is important because GPS satellites can malfunction, and the signals transmitted by them can be disrupted by malicious hackers. Without an alternative navigation method, it would be safe to use drones for deliveries and other purposes in populated areas because they could lose signal and endanger people, buildings, and vehicles.

Shmuel also said that the test is an important step toward the legalization of drone delivery operations in Israel and other regions. However, more test flights still need to be conducted in other parts of the country before the technology is ready for prime time.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.