Leumi and Harel invest in Orcam – the capital market

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Leads the current round of recruitment of Amnon Amusement’s Orkam startup. The bank’s underwriting company, Leumi Partners, will cash in the large amount raised, the total amount of which is estimated at about $ 50 million, and alongside it, the Harel and Clal insurance companies will invest about $ 10 million in the company, at a value of $ 1.5 billion.

Orcam has developed a purchase worn on glasses used by the blind as well as severely visually impaired, and the product helps them to better see their surroundings. The company launched a media campaign last year featuring super footballer Leo Messi. The founders of Orcam are Amnon Shashua and Ziv Aviram, one of the founders of Mobilai.

The last round of private fundraising that Orcam went on was in early 2018, ie three years ago, and at the time it was worth $ 30 million. If the proceeds from the current fundraiser satisfy the company’s needs for a similar period, it is likely that this is Orcam’s last private fundraiser, given the company’s intention to go public in a year.

Orcam aims to carry out the IPO on Nasdaq and at a value of $ 3 billion – double the current round of funding, which will also be attended by Shashua and Aviram. Or more, public investors will give it double its value compared to the current one in the private market.

Estimates in the market are that Orcam is already profitable, and this will be said, unlike many technology companies that raise money from the public, and that revenues in 2020 were about $ 100 million. In 2018, for example, the company made about $ 30 million, three times more than a year earlier. The largest investors in Orcam are Intel Capital, Meitav Dash and the Aviv Ventures Fund. To date, the company has raised $ 90 million.

As for the product itself, the design is in the future to incorporate in it more developed elements of artificial intelligence that will help the users. At the moment, the development of Orcam is able, for example, to help the visually impaired in recognizing the face of the person in front of them, recognizing different colors and reading texts that are unable to see properly (the product picks up the image and reads the text to the user).