OrCam Technologies Ltd., an Israeli company developing technology for visually impaired people, has been valued at $1 billion after completing a funding round of $30.4 million.
The company, founded by Ziv Aviram and Amnon Shashua, has developed a device which they claim is the world's most advanced wearable assistive technology for the visually impaired.
Here's our roundup on the company's evaluation and their product.
A $1 billion valuation
OrCam Technologies Ltd. has completed a funding round that values the firm at $1 billion. The company raised $30.4 million by selling an approximate 3 per cent stake to investors bringing the total raised amount by OrCam to $130.4 million.
The current investment coincides with the launch of the company's next generation OrCam MyEye 2.0 artificial vision device.
OrCam getting on track for an IPO
"We have sufficient reserves of money to finish our development, but part of our investment rounds is also preparing the company for the next phase, which is IPO," said OrCam co-founder and CEO, Ziv Aviram.
Love Business news?
Stay updated with the latest happenings.
OrCam My Eye 2.0: The world's most advanced wearable tech?
OrCam's latest device, My Eye 2.0, is a front-facing camera that can wirelessly communicate information through an attached speaker.
Weighing at under 30 grams, the device gets attached to the side of spectacle frames and in real-time, it can read texts, identify notes and colors, or even identify friends and family. It speaks that information into the user's ears. And, all this in 12 languages.
The need for such hi-tech devices
As per World Health Organization (WHO), more than 3 percent of the world's population (around 253 million people) are blind or visually impaired. About time, technology caters to the lesser privileged population.
Most asked questions
What is AI?
Asked on 22-02-2018 by Anonymous
Answered by NewsBytes
In simple words, artificial intelligence is the ability of computer systems to simulate human intelligence processes. These processes are learning, reasoning and self-correction. Some common applications of AI include speech recognition, voice assistants and machine vision.