After selling a 3% stake to investors for $30.4 million, the Jerusalem-based company OrCam is now valued at $1 billion.
The newly raised capital will go towards research, according to co-founder Ziv Aviram. Aviram, together with Amnon Shashua, also founded Mobileye, which was sold for $15 billion to Intel in 2017.
Established in 2010, OrCam develops assistive technologies for the visually impaired. Their latest product, the MyEye 2.0, is a lightweight smart camera that can instantly read text from any surface, identify faces, and read barcodes on products at the supermarket.
Despite its seemingly small niche, Aviram sees even greater growth potential for OrCam than he did for Mobileye. “This technology is endless. We just started to understand the tip of the iceberg of what can be done.”