My Size, Inc. (the “Company” or “My Size”) (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced that it has received a Notice of Allowance from the Russian Patent & Trademark Office for its patent application, titled: “A system for and a method of measuring a path length using a handheld electronic device.” With this latest Notice of Allowance, the Company now has seven issued/allowed patents and 15 patent applications pending worldwide.
The allowed patent application covers the methods, and systems for measuring a body part of a user, using a handheld electronic device and, addresses the foundational technology, that is the basis for the MySizeID measurement app. MySizeID’s proprietary algorithms utilise a smartphone’s sensors combined with anthropometric data to provide customers highly accurate sizing information for specific brands, based on the users exact measurements.
Ronen Luzon, Chief Executive Officer of My Size, stated, “We are pleased to receive this notice of allowance from the Russian Patent Office, as Russia represents a sizable market for MySizeID. The Russian e-commerce market is estimated to have grown by 26% year-over-year to USD 11 billion in the first half of 2019. Russians have embraced e-commerce, which is growing ten-times faster than the real economy and traditional retail. Retailers that incorporate our proprietary technology into their e-commerce platform can enhance their customers’ shopping experience while decreasing returns and increasing their conversion rate. We look forward to aggressively pursuing the Russian e-commerce market.”
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary measurement technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways.