Galileo Tech will merge with Bright Innovations, a private company engaged in the development of innovative technological infrastructures for managing a “smart city”. The technology enables city management through a smart and shared environment for people, smart vehicles and devices operating in the urban space, while focusing on energy savings and urban space management. The management and operation of technology in the “smart city” is done through advanced applications and services for authorities, residents and companies operating in the city. The technology enables the implementation and integration of smart urban services in a fast and cost-effective manner.
A sum of about NIS 20 million was invested in Bright from institutional investors, including the Israel Electric Company, the Israel Innovation Authority and private investors from Sweden and Australia. As part of the merger, Galileo Tech will acquire Bright for a staggered consideration. First, in exchange for the full acquisition of Bright’s share capital and assets, Galileo Tech will allocate 5% of its shares to Bright’s shareholders.
It will then allocate non-negotiable warrants that can be exercised to 5% of Galileo Tech’s share capital (capitalized at the time of allotment) at a share price of 60 agorot, and their exercise is subject to filing a patent, within 12 months. In addition, Bright’s shareholders will be allotted 3% of Galileo Tech’s share capital (capitalized at the time of allotment) at an exercise price of NIS 2 per Galileo Tech share, for a period of up to 12 months, reflecting a value of approximately NIS 50 million.
As part of the memorandum, Bright undertook to sign a conditional franchise MOU from an American company that develops technology for connectivity and wide-band communication networks and is secured with unique cyber security for vehicles, content transfer and digital maps essential for operating autonomous and other vehicles. As part of the MOU, the American company will work with Bright to establish a pilot project in Europe amounting to NIS 20 million to promote advanced connectivity to autonomous vehicles in Europe and the Middle East.
As of this date, Bright has developed and installed in the city of Haifa a unique energy-efficient lighting technology for smart cities, and it has a unique registered patent in the field. In 2018, Bright conducted a pilot in Singapore, as part of which it successfully installed and operated the smart city technology on the campus of a large local security company. Bright collaborates with leading technology companies and entities in Israel, the United States, Europe and East Asia, to further develop the technology. Bright is working to improve the connectivity between computer units and sensors that will be distributed in the “smart city” as well as their connection to a central data collection and analysis system. This connection enables data sharing and commercialization and the provision of urban and commercial services in the urban space, including using G5 infrastructure.
Data collection and communication network management are performed by bright computing units designed by Bright, which contain analytical elements, video connectivity, image analysis capabilities and advanced data that significantly optimizes the response speed and performance of the sensors while saving energy and relieving loads from central data centers. Bright’s end units make it possible to process the data in real time while providing a fast and high-quality response to applications essential for urban functioning and the well-being of residents, such as calculating traffic congestion, finding parking spaces, transferring video images from city centers, municipal waste management, urban lighting control, public order, air pollution monitoring, and weather forecasting.
Bright’s technology uniquely supports the development of commercial applications and services that will serve the ever-expanding world of things (IoT; the ability to collect information independently of information between objects). Such services include smart charging of electric vehicles throughout the city, connectivity to drones as well as creating a trading arena and sharing data collected from the sensors for developers in private companies, municipal bodies and government agencies. The technology enables the operation of many and varied applications on a common infrastructure while saving energy consumption and the efficiency of working with each sensor. Each sensor wherever it is located will be able to serve a large number of applications and municipal services at the same time. The technology enables infrastructure for the development of new technologies based on advanced 5G communications for the management and control of vehicles and electric vehicles and advanced electric charging stations and will support encrypted communication networks (cyber) for the control and monitoring of autonomous vehicles. The deployment of the above technology will improve traffic loads in cities, and will contribute to energy savings and lower air pollution in urban space.
Through end-to-end computing units, it will be possible to deploy urban communications infrastructure that will continuously connect vehicles with smart and central management infrastructure for vehicles in general and autonomous vehicles in particular. Advanced and environmentally friendly services for fast and accurate management of a delivery system and logistical tasks using a fleet of drones/robots that will receive charging services, guidance and collaborative planning of delivery routes while significantly increasing efficiency and increasing flight/travel range and using continuous 5G-based communications throughout the route. (Bright is in the process of approving an innovative patent in the field). Development of a unique, low-energy silicon chip with an artificial intelligence processing unit will significantly improve the processing capabilities of end units in data analysis. The chips will be integrated with advanced technologies for fast data transmission of the silicon photonics type (speed of light), while significantly improving performance and saving energy by about 30% in edge computing.
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