OrCam Technologies Limited announced an expected $50 million capital infusion led by Leumi Partners Ltd. The company said the funding round is being raised at a $1.5 billion valuation. The transaction is slated for February 16, 2021, with Leumi Partners identified as the lead and a new investor. New investor Harel Insurance Company Ltd. and returning investor Clal Insurance Enterprises Holdings Ltd. (TASE:CLIS) are also participating. The announcement specifies Harel and Clal are each expected to commit roughly $10.0–$12.0 million. The articles provide no additional operating metrics, product details, or future plans. OrCam develops wearable augmented-reality devices (MyEye 1 and MyEye 2.0) that clip to glasses and use an onboard camera and earpiece to analyze scenes and speak information to visually impaired users. MyEye 2.0 can read text aloud, recognize up to 100 stored faces, identify products by packaging or bar codes, detect bill amounts, and identify garment colors. The devices work via gesture recognition—the user points a hand at an object—and do not require connectivity, which the company says aids privacy and scalability. The company has positioned its product against human-assisted services by delivering fully automated, on-device vision capabilities. OrCam has secured significant outside capital and is preparing for an IPO, according to CEO Ziv Aviram. Aviram previously founded Mobileye, which Intel acquired for more than $15 billion.

Total raised

$80M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2021