My Size Inc (NASDAQ:MYSZ) announced that the Company has been awarded its first patent. Russia Patent No. 2628497 was granted to the Company on August 17, 2017 for its Measurement of a Body Part smart phone application. The patent expires 20 years from the patent filing date, or January 20, 2033.
My Size shares reacted to the news, jumping over 30% to $330 as of 11:30AM EDT.
“We are very proud of our R&D team which has engineered unrivaled technology that is now formally recognized as unique. We have many others patents pending worldwide for our Measurement of a Body Part smart phone application as well as other measurement applications in our long pipeline of products which we have developed for the e-commerce and m-commerce apparel, do it yourself (“DIY”), and parcel delivery markets to name a few. We look forward to sharing similar good news in the future,” said Billy Pardo, Chief Product Officer, My Size, Inc.
“The issuance of the patent in Russia further strengthens My Size’s dominant position as a measurement technology leader in the continuously growing e-commerce apparel market,” said Ronen Luzon, CEO of My Size, Inc.
The Measurement of a Body Part application was designed for the online apparel market. It enables shoppers to always choose the right size garment on a retailer’s website using the accurate measurements taken with their smart phone of an area of their body. The application first analyzes the recorded information using big data, then recommends the appropriate size of an article of clothing the shopper has selected for consideration on a retailer’s website. All of My Size’s technology applications use the algorithms of smartphone, rather than the smart phone camera, to record and document body measurements. This maintains and ensures customer privacy.
My Size develops smart phone measurement applications. Its products are based on sophisticated algorithms and cutting edge technology with broad applications, including apparel industry, e-commerce, shipping and parcel industry measurement. This proprietary technology is driven by several patent-pending algorithms, which are able to calculate and record measurements in a variety of novel ways.