UAE-based advanced defense technology group EDGE will invest $10 million to buy a 30% stake in Israel’s Thirdeye Systems, a developer of AI-based electro-optical systems to detect drone threats.
The deal is subject to approval by Israel’s Defense Ministry. The Netanya-based defense tech startup says 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 development and sales of electro-optical object recognition systems to new global regions and markets.
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.
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.
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