MILAN, January 13, 2016 /PRNewswire/ --
Horus Technology, an Italian startup that combines technologies taken from robotics, health tech and augmented reality to enhance the lives of the blind and visually impaired, has received a US $900,000 investment from 5Lion Holdings, an American diversified holding company with a passion for new ideas and innovation.
During 2015, Horus Technology grew by 400% thanks to a number of prestigious awards such as the Idea Challenge by EIT Digital, Unicredit Startlab, IBM Smartcamp and the successful crowdfunding campaign on the TIM WCAP Accelerator platform. Additionally, it took part in the TIM WCAP 2014 acceleration program.
The startup will invest over 80% of the money raised in R&D with the goal of bringing Horus, its main product, to the market by Q3 2016. Horus is a wearable device that exploits state of the art sensors and algorithms in the field of robotics and artificial intelligence to translate visual information into audible signals that the user can hear through bone conduction speakers. The device is currently patent pending.
"We are excited to be part of Horus Technology, a great company with strategic vision. They will certainly grow exponentially and help millions of visually impaired regain their independence," said Andrew Welters, Chairman and CEO of 5Lion. "This is the right time to join forces. We believe we can provide Horus with all the connections and tools necessary to redefine the wearable device market," added Nicholas Michalak, President of 5Lion.
"We are very pleased to have a partner like 5Lion, absolutely aligned with our future strategy. We are confident that through this investment we will have the necessary support for our entrance into the U.S. market," declared Saverio Murgia, CEO of Horus Technology. "This investment will enable us to be ready to enter the market by the end of 2016 and support our growth," added Luca Nardelli, CTO, Horus Technology.
Gianni, Origoni, Grippo, Cappelli Partners and Walder Wyss Ltd. acted as legal advisors to 5Lion and Andrea Giannone was 5Lion's sole independent financial advisor. Horus Technology has been advised by Centrally on legal matters and by Widening SpA with Francesco Magagnini and Francesco Lato for strategic matters.
About Horus Technology
Horus Technology is focused on the development of innovative technology-driven solutions for visual impairment. The company is currently engineering a wearable device that will be a real personal assistant for the blind and visually impaired, helping to make their everyday tasks easier and more natural. The device's main features are text reading, navigation assistance (e.g., obstacle detection and pedestrian crossing) and facial and object recognition.
About 5Lion Holdings
5Lion Holdings invests in high-character individuals with unique drive and vision who create innovative and revolutionary companies. 5Lion leverages existing relationships in the U.S. and other mature economies to provide real growth opportunities to these companies while redefining markets.
SOURCE Horus Technology