Razor Labs Secures USD 1.9 Million Order for High-Speed Conveyor Monitoring Solution

TEL AVIV, Israel, Feb. 7, 2023 /PRNewswire/ -- Razor Labs (TASE: RZR), a leading developer of predictive maintenance solutions for asset-intensive industries, announced today that following the signing of a Memorandum of Understanding with a global defense company in 2022, the company has successfully completed an initial test phase ahead of schedule. Upon reaching this significant milestone, Razor Labs received a USD 1.9M order to deploy the solution that automatically detects and classifies various defects during the production process.

The Razor Labs solution utilizes CCTV-based visual inspection and advanced AI image processing to monitor high-speed conveyors for defects and anomalies. This breakthrough technology can detect structural patterns and anomalies in real-time and automatically classify and distribute them based on the type of defect.

Raz Roditti, the CEO of Razor Labs, commented, "We are proud to have hit this significant milestone ahead of the planned timeliproducne and have proven the ability of our solutions to decrease operational costs and improve productivity and safety of the staff. We remain committed to driving innovation and growth while providing our customers with the most advanced and reliable solutions available in the asset-intensive market."

Tomer Srulevich, the CBO of Razor Labs, added, "This milestone is a testament to the growing trust and satisfaction of our customer in the solutions provided by Razor Labs, particularly as the market shifts towards increased automation and the adoption of the Industrial Internet of Things (IIOT). The success of our solutions has been demonstrated by the increased operational efficiency, heightened staff safety, and decreased costs - all essential factors that resulted in achieving this milestone."

About Razor Labs

Razor Labs offer an unprecedented all-in-one predictive maintenance solution that eliminates unplanned downtime, boosts productivity, reduces emissions, and improves staff safety. Razor Labs is publicly traded on the Tel Aviv stock exchange and has offices in Perth, Brisbane, and Tel Aviv. CB Insights named the company one of the leading mining tech companies.

Visit https://www.razor-labs.com for more information about Razor Labs, or contact Ms. Liel Anisenko at pr@razor-labs.com or +972 (03) 561-0901

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SOURCE Razor Labs