Artificial Vision Co. OrCam Raises $41M
April 4, 2017 | Israeli artificial vision device company OrCam has closed a $41 million financing round that values the company at $600 million, the company’s chairman Prof. Amnon Shashua told “Reuters.” The Jerusalem based company was founded in 2010 by Shashua and CEO Ziv Aviram, the same duo who founded car sensor developer Mobileye, which was sold to Intel last month for $15.3 billion – easily a record exit in Israel.
OrCam has raised $63 million to date, including the latest financing round. Prof. Shashua did not disclose details about the investors in the latest round but previous investors included Intel Capital, BRM and Aviv Venture Capital.
OrCam has developed a computer vision device that includes a miniature video camera and processing unit that can be attached to eyeglasses. Through a computer vision algorithm, the device is able to vocalize texts it encounters, such as street signs, a restaurant menu, a newspaper, or a book, to those with vision problems. It can identify supermarket products and distinguish different denominations of bills. The identification is communicated to the user verbally with almost no delay from the moment the information is requested by pointing. Shashua told “Reuters” that OrCam expects to conduct an IPO on the NYSE or Nasdaq by the end of next year.”