Financial technology provider, TechFinancials announced today that it has entered into an investment in RenewSenses, an Israel-based emerging startup focused on medical technology. The startup works on technology solutions for people suffering from visual impairment.
According to the official press release shared with FortuneZ, Techfinancials has invested a sum of about $148,000 in an equity round using the SAFE agreement. The financial technology provider aims to facilitate the young startup to solve real-life problems.
RenewSenses is working to introduce technology solutions for people suffering from visual complexities. The company is developing a wearable device to help users detect, locate objects and surroundings with the help of alternative senses.
“RenewSenses aims to revolutionize the way people with visual impairment experience the world. The Company develops a wearable device that combines cutting-edge computer vision and vision-to-audio and vision-to-touch sensory substitution methods, enabling users to detect and locate objects, people, and general visual characteristics in their immediate surroundings through alternative senses,” the official press release states.
RenewSenses is currently developing a product named ‘A.I. Cane’, the new product uses Artificial Intelligence to enable better obstacle avoidance together with advanced object and text recognition. The product consists of a camera attached to a hand-held device to help visually impaired people navigate freely. The app attached to the product can identify obstacles and people. The startup plans to use the investment by TechFinancials to finalise the A.I. Cane product for initial launch and to build international collaborations with a focus on European markets.
“We are thrilled to invest in a young and promising technology company that solves real problems that may change positively the life of so many people. We will do our best to support RenewSenses in its journey towards success,” Asaf Lahav, Executive Director of TechFinancials, said in a statement.
According to the deal terms mentioned in the press release, upon conversion, the deal will give TechFinancials an equity position of at least 17.02% in RenewSenses.