The investment round includes 3 impact funds – Existing investor 4impact is joined by ABN AMRO and Hungary based Impact Ventures, along with strategic investors from Operator Exchange. Funding will be used to accelerate growth to support as many blind and visually impaired people globally.
THE HAGUE, Netherlands, 18th May, 2021 – Envision is the award-winning AI-assistive technology company that empowers blind and visually impaired people with greater independence and access to the visual information around them. Their AI-powered software extracts different types of information from images and speaks them out loud, enabling blind and low-vision users to read documents at work, recognize their friends, find personal belongings at home, use public transportation, and more all fully independently. Envision’s AI-assistive software can read all kinds of text, including digital and handwritten text, newspaper, books and product labels, in more than 60 languages, recognize faces, describe scenes, detect colors, find objects, and so much more. Envision’s software is available for use in two different ways: on assistive smart glasses as embedded, hands-free technology (currently in partnership with Google Glass with an ability to add different smart glasses in future), and as an iOS and Android smartphone app.
Their products are currently being used in more than 200 countries and the Company is adding new distributors in all corners of the world on a monthly basis. Their products are designed together with and for the blind and visually impaired to optimise user experience. Envision continues to build on its strong growth momentum and is dedicated to helping as many people globally as possible.
Founded in late 2017, by Karthik Mahadevan and Karthik Kannan, Envision is a privately held company located in The Hague in the Netherlands. Envision contributes to the United Nations’ SDG 3 (Good healthand wellbeing), SDG 8 (Decent work and economic growth) and SDG 10 (Reduced inequalities).
Use of funds
Envision will use the funds to scale-up their team in the Hague to support their plans of making their products available allover the world. They will expand their R&D team to further develop and improve their cutting edge AI and make more meaningful visual information accessible to the blind and visually impaired. There is also going to be an increase in marketing activities to further enhance the sales of the app and the glasses through a network of distributors around the world.
“We are excited to enter into this new phase where we can accelerate our mission of making all kinds of visual information accessible to everyone. We are just at the beginning of what is possible and the new partners and resources have now provided us with fuel to launch this product to its full potential.” – Karthik Mahadevan, Co-founder and CEO.
About the Investors
4impact, an impact focused venture capital firm based out of the Hague, previously invested in the first investment round of Envision in 2019.
“The drive, dedication and vision of the Envision team is unparalleled and the company’s growth has been a testament of their execution to date. Next to the blind and visually impaired, Envision’s assistive technology products can cover a much larger market for example people with reading disabilities such as the700m people with dyslexia. We are proud to further support Envision in this next phase of growth” – Pauline Wink, founding partner at 4impact.
The two new VCs on board are the ABN Amro and Impact Ventures, an impact fund based out of Hungary, which believes in the power of social impact that startups like Envision can create.
“This outstanding and purposeful technology of Envision has huge potential to extend to even more assistive functions for the benefit of blind and visually impaired people around the globe. We are excited to join and support Envision’s growth and scale of its social impact.” – Gergely Ivancsics, Investment Manager at Impact Ventures.
“We are excited to join Envision on their promising journey. We believe this team has been developing a truly disruptive technology that will help change the lives of so many people around the world. An excellent example of how business objectives and impact goals can be combined, as part of a sustainable and social transition of the economy” – Eric Buckens, Investment Director at ABN AMRO.
In addition to the professional institutional investors, Envision is excited to add 4 investors from Operator Exchange, a group of angel investors who have founded or built fast-growing startups. The investors include Mark de Lange of Ace & Tate, Lucas Meijer of Unity, Paul Veugen of Usabilla and Sanne Manders of Flexport. In addition to their investment, these operators bring a wealth of strategic experience and advise.
You can find our complete press kit here: http://bit.ly/EnvisionPressKit