Meir Shamir Invests in Elbit Wearable Computing



Until a few years ago, wearable computing was practically in the realm of science fiction. Today, it’s already a trend. It may be at the very beginning of its journey, but there is no doubt that there is a lot of hype surrounding it. Smart watches and smart glasses (such as Google Glass), are just some of the products that are meant to capture the hearts of consumers, and to impact their day-to-day lives, and how they use and connect to the Internet.

Here in Israel too there are companies that operate in the field and its various technological aspects. One such company is Everysight, which is controlled by Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT). Elbit is a defense industry company, controlled by Michael Federmann and managed by Bezalel (Butzi) Machlis.

Sources inform ”Globes” that new investors, with names very familiar in the local financial markets, have joined Elbit on the list of Everysight investors: Meir Shamir, owner of Mivtach Shamir Holdings Ltd. (TASE:MISH), whose main holding is its stake in Tnuva, and LR Group owners Ami Lustig and Roy Ben-Yami. The three bought $5 million dollars’ worth of Everysight preference shares.

Ben-Yami was appointed chairman of the board, alongside three senior Elbit Systems executives: CFO Joseph Gaspar, Aerospace Division General Manager Yoram Shmuely, and VP Asaf Ashkenazi.

Elbit systems is already active in the field, to a certain degree. A few months ago the company launched its wearable flight system, Skylens, which looks like a pair of sunglasses, and provides real-time information that allows pilots to reduce their dependence on airport instrumentation.

Elbit has submitted a trademark application for Everysight in the US, under the class of Computers and Electronics – which includes everything having to do with hardware and wearable computing. It is not inconceivable that technology developed for military and defense purposes will become civilian, and generate additional revenue for the company.

Experts disagree about the potential size of the wearable computing market, but many say that within the next two to three years it will already reach many billions of dollars.

Published by Globes [online], Israel business news –

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