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Artificial Vision Co OrCam Raises $41m

The Israeli company, set up by the founders of Mobileye, told “Reuters” that the financing round was at a company value of $600 million.

As reported in Globes:

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 has 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. The device weighs a very light 14 grams. Like every electronic device, it must be kept charged.

Shashua told “Reuters” that OrCam expects to conduct an IPO on the NYSE or Nasdaq by the end of next year.”Sales targets for 2017 are four times more than 2016,” Shashua said. “By the end of 2018 the revenue, the profit, of the company will be at such a level, together with the ability to forecast, that it’s good enough for an IPO.”

OrCam’s wearable visions aids are available in Australia through assistive technology provider Quantum RLV.