OrCam Technologies, an Israel-based developer of smart glasses that help blind people interpret their surroundings, is looking towards an initial public offering by the end of 2018, Reuters wrote on Thursday.
The flotation would take place either on Nasdaq or the New York Stock Exchange, though OrCam declined to provide any financial details.
The news comes along the revelation that OrCam secured a previously undisclosed $41m funding round in February 2017 at a $600m valuation. Investors in the round have not been named.
Founded in 2010, OrCam has created a wearable device for the visually impaired. The product consists of a smart camera mounted on glasses and is able to identify street signs, read newspapers and recognise common items, dictating words into the wearer’s ear.
Details about OrCam’s previous funding rounds differ. Reports at the time suggested Intel Capital, the corporate venturing arm of semiconductor manufacturer Intel, invested $15m in 2014, though Reuters said in its article that the corporate had supplied a total of $6m.
Deals database PitchBook meanwhile puts the 2014 funding round at $20m, with Aviv Venture Capital also contributing. PitchBook also claims BRM Capital, B-to-V Partners and Daniel Gutenberg provided an undisclosed sum in 2013.
OrCam’s co-founders previously celebrated an exit when they agreed to a sale of their autonomous driving technology company Mobileye to Intel for $15bn last month.
Amnon Shashua, co-founder of OrCam, said: “Sales targets for 2017 are four times more than 2016. By the end of 2018 the revenue, the profit, of the company will be at such a level, together with the ability to forecast, that it’s good enough for an IPO.
“I am going to get more responsibilities as folding in Intel’s assets in autonomous driving and leading the combined effort, but I believe that this is not going to change anything in terms of the time I spend at OrCam.”