Israeli visual aid company OrCam valued at US$1b

Jerusalem

ISRAEL'S OrCam, which has developed a visual aid for the blind, has completed a funding round that values the company at US$1 billion, putting it on track for a planned initial public offering (IPO), its chief executive said on Tuesday.

The company raised US$30.4 million by selling an approximate 3 per cent stake to investors including Israel's Clal Insurance and Meitav Dash. That brought the total amount OrCam has raised from investors so far to US$130.4 million.