UAE-based advanced defense technology group EDGE will invest $10 million to buy a 30 percent stake in Israel’s Thirdeye Systems, a developer of AI-based electro-optical systems to detect drones and unmanned aerial vehicles.
The deal is subject to approval by Israel’s Defense Ministry. The Netanya-based defense tech startup said Tuesday that Abu Dhabi’s EDGE group has also committed to investing $12 million to create a joint venture with Thirdeye that will be tasked with the development and sales of electro-optical object recognition systems to new global regions and markets.
According to the agreement, EDGE will be the majority owner of the joint venture with a 51% stake, Thirdeye will hold 43% and a third party the remaining 6%.
Founded in 2010 by CEO Lior Segal, Yoel Motola and Gil Barak, Thirdeye develops fully automated electro-optical scanning systems to detect fast-evolving threats on the battlefield, including UAVs and enemy drones. The systems rely on dual imaging technology and combine thermal and sensor imaging that detect heat emissions and capture light reflections.
EDGE, an Abu Dhabi-based conglomerate of private firms and government-owned bodies, has 25 subsidiaries and employs 12,000 workers across various sectors: defense platforms and systems; missiles and precision-guided weapons; cyber defense; electronic warfare and intelligence; and mission support. The conglomerate operates in 140 countries and has an order backlog of $12.8 billion.
“This technological and security partnership sends a strong message about the capabilities of our AI-driven products and their contribution to national security,” said Thirdeye CEO Segal. “Partnering with a globally recognized supplier like EDGE will help us showcase Thirdeye Systems’ technological advantages and further expand our footprint in additional international markets.”
Israeli defense firm Thirdeye’s Meduza X is a tactical electro-optical system for the detection of drones and UAVs. (Courtesy)
Thirdeye’s systems are deployed by the Israeli army as well as seven defense bodies in NATO member countries. The defense firm’s stock listed on the Tel Aviv Stock Exchange jumped 26% following the deal announcement, giving it a market value of NIS 84 million ($23 million).
The war with the Hamas terror group and fighting with Iran-backed Hezbollah in the north have exposed the lethal threat drones pose to military and civilian assets. Despite having one of the world’s best defenses against missiles and rockets, Israel has struggled to deal with the drone threat throughout the 15-month war.
Many drones have flown undetected by Israel’s Iron Dome air defense system and triggered no warning sirens, leaving victims completely vulnerable. That’s as the IDF air defense systems are heavily reliant on radar technology, which is not relevant for the detection of small and cheap drones that fly at low altitudes.
Thirdeye’s systems deploy AI-based networks object recognition algorithms and analytics. The defense firm has developed lightweight monitoring camera devices and tools that it says can be mounted on UAVs or used in open terrain combat situations, as well as, by search and rescue missions, for counterterrorism, or by first responders.
Thirdeye’s Meduza X system is a portable tool made of military-grade rocket materials that is tailored for usage in complex, foggy and close-range environments to detect and track multiple drones simultaneously from small drones to kamikaze UAVs flying at low altitudes.
Thirdeye’s Chimera, an electro-optical system that includes a compact lightweight thermal camera that can be attached to drones, vehicles, and robots and uses advanced object recognition analytics. (Courtesy)
Commenting on the deal, EDGE Group President and CFO Rodrigo Torres said that the “transaction reflects our confidence in Thirdeye Systems’ solutions, which provide a critical layer of protection in unmanned aerial vehicle detection.”
“We believe this collaboration would benefit both parties and accelerate the development of new products to enhance identification capabilities in the evolving modern warfare,” Torres added.
Israeli defense firms, including Israel Aerospace Industries (IAI), the nation’s largest aerospace and defense company, have entered into defense collaborations with UAE-based firms since the Abraham Accords were signed in September 2020 normalizing the relations between the nations. In March 2021, EDGE signed an accord with IAI, to jointly develop an advanced system to intercept drones and other threats tailored for the UAE market.
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