Medigus Ltd. announced that on December 20, 2023, ParaZero Technologies Ltd. (ParaZero) announced the successful completion of its safety solution development for a Fortune 500 leading global automotive manufacturer?s ("the Customer") proprietary drone program. In line with the project's completion, ParaZero has received full payment for the development of a first of its kind development custom variant of its innovative SafeAir? drone safety system.

This project involved development and testing of a custom groundbreaking ParaZero SafeAir? system designed to meet challenging requirements and specifications to meet the Fortune 500 automotive manufacturer's proprietary aircraft from the design stage, ensuring optimized and seamless integration, at unique flight envelope and characteristics. The successful completion of this project reinforces ParaZero?s reputation as a provider of advanced safety solutions across various aerial platforms, including multirotor, single rotor, fixed-wing, VTOL, manned and unmanned, and urban air mobility vehicles, and its abilities to develop custom product variants to meet unique requirements and standards per the Fortune 500 automotive and UAS manufacturer.

In addition to this achievement, ParaZero received its second purchase order from the Customer a few months ago. This ongoing project further strengthens ParaZero's position as a leader in the aerospace industry, particularly in the development and integration of drone safety systems.