Tel Aviv, Israel, Nov. 27, 2024 (GLOBE NEWSWIRE) — Jeffs’ Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq: JFBR, JFBRW), a data-driven e-commerce company operating on the Amazon Marketplace, announced today that it has entered into a binding Letter of Intent (“LOI”) with Deliverz.AI Ltd. (“Deliverz.AI”), a company focused on artificial intelligence (“AI”) powered fully autonomous multi-purpose robotic platforms. The LOI outlines a plan to establish a joint venture (“JV”) to operate exclusively in the United States, combining the strengths of both companies to introduce AI-powered fully autonomous robotic solutions for healthcare logistics in the United States.
Deliverz.AI specializes in autonomous navigation platforms that streamline logistics operations. Their flagship robot, Polly, is already in use at Israel’s Sheba Medical Center, ranked by Newsweek magazine as the 9th best hospital in the world, where it autonomously delivers chemotherapy drugs across complex hospital environments. The company’s AI-powered platforms are designed for seamless indoor and outdoor navigation, optimizing workflows in healthcare, smart cities, and Industry 4.0 applications.
The service robotics market is projected to reach $84.8 billion by 2028 growing from $41.5 billion in 2023, according to MarketandMarkets. The growing adoption of robots for new applications, the surging use of Interest of Things (IoT) in robots for cost effective predictive medicine and the increasing use of disinfection robots in hospitals are factors driving the growth of this market per MarketandMarkets.
Pursuant to the LOI, Deliverz.AI will provide the license for its proprietary robotics technology and operational software to the JV in consideration of a 50% equity stake in the JV, while Jeffs’ Brands will invest $1 million for a 50% equity stake in the JV. The investment will be paid according to a phased schedule: $100,000 upon the signing of the definitive agreement establishing the JV, $100,000 when the JV secures its first U.S. pilot project, and the remaining $800,000 will be paid in installments until the end of 2025, based on budgets to be agreed upon in the definitive agreement.
The JV will aim to partner with U.S. medical centers, deploying robotics solutions to improve logistics efficiency and enhance healthcare delivery.