Galileo Tech merges with Bright Innovations

Galileo Tech will merge with Bright Innovations, a private company engaged in developing innovative technology infrastructure for managing smart cities. This technology enables city management through a smart and shared environment for people, smart vehicles and devices operating in the city space, while focusing on energy saving and city space management. Management and operation of technology in smart cities is through advanced applications and services for authorities, residents and businesses operating in smart cities. This technology enables fast and cost-effective implementation and integration of smart urban services.

A total of around 20 million NIS was invested in Bright from institutional investors such as Israeli Electricity Company, Israel Innovation Authority, Swedish and Australian private investors. As part of the merger, Galileo Tech will acquire Bright for timely consideration. First, in exchange for a complete acquisition of Bleitz’s share capital and assets, Galileo Tech will allocate 5% of its shares to Bleitz shareholders.

Next, the non-negotiable warrants that can be exercised are allocated to 5% of Galileo Tex’s share capital (capitalized at the time of allocation) at a share price of 60 agorot, and their exercise is subject to patent application within 12 months .. In addition, Brights shareholders will have a maximum of 12 months at a strike price of NIS 2 per share of Galileo Tex for up to 12 months, reflecting a value of approximately 12 months, with 3% of Galileo Tex share capital (at the time of allocation Will be assigned). 50 million.

As part of the memo, Bright from a US company that has developed technology for connectivity and broadband communication networks and is uniquely cyber-secured with digital maps essential for cars, content transfer, autonomous driving, and more. A vehicle that has promised to sign a conditional franchise MOU. As part of the MOU, an American company will work with Bright to establish a 20 million NIS pilot project in Europe to facilitate advanced connectivity to autonomous vehicles in Europe and the Middle East.

As of this date, Bright has been developing and installing its own energy-efficient lighting technology for smart cities in Haifa City and has its own registered patents in this field. In 2018, Bright conducted a pilot in Singapore. As part of that effort, Bright has successfully deployed and operated smart city technology on the campus of a large local security company. Bright collaborates with leading technology companies and companies in Israel, the United States, Europe and East Asia to further develop technology. Bright is committed to improving connectivity between smart city distributed computer units and sensors, as well as to central data collection and analysis systems. This connection enables data sharing and commercialization, including the use of G5 infrastructure, and the provision of urban and commercial services in urban space.

Data collection and communications network management includes advanced data that saves energy and offloads central data while dramatically optimizing analytical elements, video connectivity, image analysis capabilities, and sensor response speed and performance. Centered by a bright computing unit designed by. Bright’s end units provide real-time data while providing fast, high-quality responses to applications critical to urban functions and occupant health, such as calculating traffic congestion, finding parking spaces, and transferring video images. Allows to process city center, municipal solid waste management, urban lighting control, public order, air pollution monitoring, weather forecast.

Brights technology uniquely supports the development of commercial applications and services that help the ever-expanding world of things (IoT, the ability to collect information independently of information between objects). Such services include smart charging of electric cars across the city, connecting to drones, creating trading arenas, and sharing the data collected from sensors for developers of private companies, municipalities and government agencies. It will be. This technology enables the operation of many different applications with a common infrastructure, while saving energy consumption and efficiency of cooperation with each sensor. Each sensor, where it is located, can serve many applications and municipal services simultaneously. This technology enables the infrastructure for the development of new technologies based on advanced 5G communication for the management and control of vehicles and electric vehicles, and encrypted communication networks for controlling and monitoring autonomous vehicles (cyber ) Support. The introduction of the above technology will improve the traffic load in the city, and contribute to energy saving and air pollution reduction in the urban space.

The end-to-end computing unit makes it possible to deploy an urban telecommunications infrastructure that continuously connects the vehicle with the fleet of vehicles, in particular with a smart central management infrastructure for self-driving vehicles. Significantly improve efficiency, extend flight/travel range, and use your drone/robot fleet to receive charging services, guidance, and joint planning of delivery routes to expedite delivery systems and logistics tasks while you continue to use them And 5G-based communication across advanced and environmentally friendly service routes for accurate management. (Bright is in the process of approving an innovative patent in the field). The development of a unique low-energy silicon chip with an artificial intelligence processing unit will greatly improve the processing capacity of the end unit in data analysis. The chip integrates with advanced technology for high speed data transmission of silicon photonics type (light speed), which significantly improves performance with edge computing and saves about 30% energy.

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