The €1.5 million deal was done with the help of Impact Ventures, Dutch 4impact and ABN Amro Social Impact Fund, which invests in Hungarian companies making social and environmental impact. Envision, a developer of mobile applications and smart glasses software, is using the resource to accelerate growth for the technology it develops to help as many blind and visually impaired people around the world as possible on a daily basis, Impact Ventures Zrt.
can help many
Visually impaired is a common health problem all over the world. According to the World Health Organization (WHO), there are 285 million visually impaired people in the world, of whom 39 million are blind. Envision in The Hague aims to make blind people more independent through its innovative technology based on artificial intelligence.Founded in late 2017 by Karthik Mahadevan and Karthik Kanan, the award-winning iOS and Android reading and object recognition app has made the daily lives of more than 9,500 blind and visually impaired people around the world easier since 2018. AI-based programs extract different types of information from images and then speak it out loud, allowing stakeholders to perform a variety of activities themselves: reading documents at work, meeting friends, finding personal belongings at home, or even using transportation general. Envision software can read both digital text and handwritten text in over 60 languages; In addition, it recognizes faces; The viewer describes being aware of colors and objects – and much more to give the visually impaired access to the visual information around them.
AI software designed to work with blind and visually impaired people to provide the highest possible user experience can be used in two ways: as hands-free technology built into assistive smart glasses (currently in collaboration with Google Glass, with various smart glasses added in the future) and as iOS and Android smartphones. Android. The products are already used in more than 200 countries and the company is constantly developing its own distribution network.
use of money
Envision will use the €1.5 million funding to expand the research and development team in The Hague and intensify its marketing activities. Their goal is to make their products available worldwide and to reach as many people as possible.
The capital investment by Impact Ventures and other co-investors will accelerate the development of Envision technology and additional features, as well as international sales of the app and smart glasses, with a significant positive social impact. The visualization contributes to the United Nations Sustainable Development Goals 3 (good health and well-being), Goal 8 (decent work and economic growth) and Goal 10 (reduce inequality).
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