About ScoutCam

Odysight.ai Inc. engages in the development, production, and marketing of innovative Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) technologies, providing visual sensing and AI-based video analytics solutions for critical systems in the aviation, maritime, industrial non-destructing-testing industries, transportation, and energy industries. Some of the company's products utilize its unique micro visualization technology in medical devices for complex and minimally invasive medical procedures. The company's technology includes proven video technologies and products amalgamated into a first-of-its-kind, FDA-cleared minimally invasive surgical device. The company derives a substantial portion of its revenue from applications of its micro visualization technology within the medical field. Sales and Marketing The company engages companies seeking to add video visualization to their existing or new product(s) or considering the development of new products that include micro video visualization. The company's approach to the medical market is ordinarily conducted in two phases. During the first phase, the company conducts the research and development that is required in order to specify, design, develop, and produce the designated visualization apparatus, for an agreed-upon compensation amount (e.g., a non-recurrent engineering fee). During the second phase, the company manufactures the apparatus and offers it to the customer for an agreed-upon transfer price. In the I4.0 domain, which target PdM and CBM applications, the company engages with companies that wish to increase the monitoring capabilities of different elements of a device using its visual monitoring solutions (these include build of image acquisition, data collection and storage, and image processing capabilities based on AI, ML, cloud, and additional algorithm concepts). On February 6, 2023, the company announced the completion of a major development stage in equipping Elbit Systems Ltd.'s leading defense UAS aerial platforms with its real time video monitoring system. Through the program, the company's unique video-based sensors, embedded software, machine vision and algorithms support a variety of predictive maintenance and condition-based monitoring use cases for unmanned aerial vehicles in harsh environments and hard-to-reach locations, as it features a modular open system architecture, enabling seamless integration with advanced unmanned aerial platforms. In order to engage new customers, the company employs various marketing strategies. The company employs several professional experienced managers in relevant fields of expertise, in addition to a team of consultants who analyze global trends and designated geographical territories to assist it in targeting potential customers. The company's marketing efforts include engaging third party companies and local consultants as territorial representatives in key markets and leading companies in relevant industries; initiating business engagements based on leads received through its marketing efforts, through active interaction with key industry influencers, providing financed proof of concept in order to generate tailored product orders, or via other methods or means; conducting proof of concept demonstrations in order to evaluate the feasibility of integration for monitoring their systems and to demonstrate the significant value proposition of its technology to customers; networking through personal contacts in the aerospace, critical industry, transportation, maritime, medical, and defense industries; and participating in major aerospace, maritime, and vision technology exhibitions, as well as industry 4.0 specific events. In January 2022, the company entered into a patent cross-licensing arrangement with Japan-based Sumita Optical Glass, Inc. (Sumita), a specialty optical fiber technology company, pursuant to which the company granted a non-exclusive license to Sumita to its patents related to 'Small Diameter Video Camera Heads and Medical Devices and Visualization Probes containing them' and a grant-back license to the company of Sumita's patent and patent applications related to fiber optics illumination. Proprietary Rights and Technology The company's patent portfolio contains patent families which it considers material to its business and operating success. The company's intellectual property rights include patents and patent applications that were transferred to it by Medigus Ltd. (Medigus) as part of the Addendum No. 1 to Amended and Restated Asset Transfer Agreement (the Addendum), the License Agreement and the Letter Agreement, and additional patent assets developed by the company. Under the Addendum, and subject to certain limitations as further set forth therein, Medigus transferred to the company the following material patent families in exchange for a license in connection with the marketing and sale of the Medigus Ultrasonic Surgical Endostapler: Patent family related to Integrated Endoscope Irrigation: this patent family relates to the company's ability to develop visualization components and endoscopes, which include irrigation with a smaller outer diameter by saving the space of the tube that is required to lead the fluids in a conventional manner. This patent has been granted in Canada, Europe (validated in Germany, Spain, France, Great Britain and Italy), Israel, Japan (original and divisional), and the United States (two patents), and has two pending continuations in the United States. The expiration dates for the two patents in the United States are November 28, 2033 and February 28, 2033. Patent family related to Small Diameter Video Camera Heads and Medical Devices and Visualization Probes containing them: this patent family relates to the company's ability to develop cameras, visualization components, and medical devices with a small diameter, thus enabling the insertion of the camera into smaller cavities or leaving more space in the device for the use and application of other functions, such as a working channel. This patent has been granted in Japan, Korea, Israel, the United States (2 patents, original and continuation in part), and Europe (3 patents, original and 2 divisionals, under appeal after opposition proceedings, validated in Germany, France, Great Britain, and Italy). The expiration dates for these patents are March 16, 2031 (for the patents in the United States), and September 16, 2030 (for patents in each of the other aforementioned jurisdictions). As a result of oppositional proceedings initiated by a third party in 2018, the Opposition Division of the EU Patent Office decided in 2019 to revoke two of the three European patents (EP 2.478.693 and EP 2.621.159) and in 2021 to maintain the third patent (EP 2.621.158). Following appeals by Company and the third party of the 2019 and 2021 decisions, respectively, the Opposition Division of the EU Patent Office is expected to hear and decide these matters in early 2024. As a result of a supplemental examination filed by the company regarding one of the U.S. Patents (10,188,275), the U.S. Patent Office decided to open reexamination proceedings for 23 of the 24 granted claims. The U.S. Patent Office is expected to conduct the reexamination proceedings during the course of 2024. In addition, the company's intellectual property rights further include the following material patent applications filed by it: Patent family related to Miniature Precision Medical Device: these pending patent applications relate to the company's ability to develop a miniature precision medical device comprising an endoscope with at least one camera, where at least one sensor of one camera is distally located at a tip of a shaft of the endoscope. Surrounding or next to the sensor, such shaft has sufficient space to accommodate at least one accessory, such as, for example, illumination source, irrigation tool, or suctioning tool. This patent family has pending patent application in the United States and its expected expiry dates, if issued, will be in 2039-2040. Patent family related to Medical Ophthalmic Device: this patent family is related to a tool comprising a hand piece having a flattened cannulated tip that is adapted to receive flow from a pumping unit, in order to generate a jet of fluid suitable for procedures, such as 'hydro-dissecting' cells in the eye. According to a representation of the invention, the tool comprises a visualization probe with at least one camera, wherein the sensor of the camera is distally located at the tip of the tool to be inserted into the eye for imaging from within the eye. This patent family is pending in China, Europe, Japan, Korea, and the United States. The patent application's expected expiry dates, if issued, will be in 2039-2040. Patent family related to Systems and Methods for Monitoring Potential Failure in a Machine or a Component Thereof. This patent family relates to system and methods for monitoring potential failure in a machine or a component thereof using at least one optical sensor. Such sensors can be used in conjunction with diagnostic software/hardware tools to display and analyze changes in critical images that could not have been displayed or analyzed using existing systems. This patent family includes a pending Patent Cooperation Treaty patent application and national phase applications filed in Israel and the U.S. If ultimately issued by the United States Patent and Trademark Office, such patent would be expected to expire in early 2042. Additional national phase patent application can be filed in other jurisdictions by the end of July 2023. The company has also applied for provisional applications relating to its predictive maintenance innovative technology and developments. All of these applications are expected to have a lifetime of 20 years from filing. Research and Development For the year ended December 31, 2022, the company's research and development expenses were $4,197,000. Regulation In its engagements with customers operating in the biomedical sector, the company complies with the medical device standards in that corresponding territory, such as the FDA or International Organization for Standardization (ISO), among others. As a U.S. company with foreign offices, the company is subject to a variety of foreign laws governing its foreign operations, as well as the U.S. laws that restrict trade and certain practices, such as the Foreign Corrupt Practices Act. History Odysight.ai Inc. was founded in 2019.