UAE-based company to invest $10 million in Israeli drone detection firm

EDGE Group, the UAE-based advanced technology and defense conglomerate, is set to invest $10 million in ThirdEye Systems, an Israeli company specializing in AI-powered drone detection technologies; Deal positions ThirdEye as one of the most sought-after stocks on the Tel Aviv Stock Exchange, following increased interest fueled by the recent war

Navit Zomer|
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EDGE Group, a leading advanced technology and defense conglomerate based in the United Arab Emirates, announced on Tuesday a $10 million investment in Netanya-based ThirdEye Systems. The Israeli company specializes in artificial intelligence-powered electro-optical systems for detecting drones and UAVs. In exchange, EDGE will acquire a 30% stake in the company.
As part of the agreement, EDGE also will establish a joint venture with ThirdEye Systems, contributing an additional $12 million. Upon completion of the deal, EDGE will hold a 51% stake in the new joint venture, while ThirdEye will retain 43%, with the remaining 6% owned by a third party. However, ThirdEye has clarified that EDGE will not have full control over the company.
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An attack drone
(Photo: Jalaa Marey/ AFP)
Following the announcement, ThirdEye Systems’ stock surged approximately 20%, prompting the Tel Aviv Stock Exchange to temporarily halt trading. The company has experienced remarkable growth, with its stock rising 127% in the first half of 2024.
The joint venture will receive a license to use ThirdEye’s intellectual property to develop, commercialize, and market electro-optical detection systems, focusing on specific territories worldwide.
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Rodrigo Torres, president and CFO of EDGE Group, emphasized the strategic significance of the partnership: “This investment reflects our confidence in ThirdEye’s solutions, which provide a critical layer of protection in UAV detection. We believe this collaboration will benefit both parties and drive the development of new products that will set new standards in air warfare detection capabilities.”
“This collaboration will strengthen our growth and position as a leading international company while enabling us to penetrate new global markets," ThirdEye Systems CEO Lior Segal said. "It’s a resounding testament to the strength of ThirdEye’s AI capabilities and products and their contribution to the security of both nations. Partnering with a company of EDGE’s caliber is a tremendous opportunity to advance innovative technological solutions.”
ThirdEye Systems, which currently holds a $30 million order backlog – partly from Israel’s Ministry of Defense – saw its systems transition from development to operational use in select IDF units during recent conflicts.
Founded in November 2019 and headquartered in Abu Dhabi, EDGE Group comprises more than 25 companies specializing in military and civilian solutions. The conglomerate employs over 12,000 people, ranks among the world’s top 25 military suppliers, and operates in 140 countries, with an order backlog of $12.8 billion.
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