5Lion invests in Italian wearables-for-the-blind start-up Horus
January 19, 2016
Horus Technology, an Italian start-up that combines technologies taken from robotics, health 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.
During 2015, Horus grew by 400 per cent thanks to a number of awards such as the Idea Challenge by EIT Digital, Unicredit Startlab, IBM Smartcamp and a crowdfunding campaign on the TIM WCAP Accelerator platform. Additionally, it took part in the TIM WCAP 2014 acceleration programme.
The start-up plans to invest over 80 per cent of the money in R&D with the goal of bringing Horus, its main product, to the market by the third quarter of this year.
"We are very pleased to have a partner like 5Lion, absolutely aligned with our future strategy," said Luca Nardelli, CTO of Horus Technology.
Nicholas Michalak, president of 5Lion, added: “We believe we can provide Horus with all the connections and tools necessary to redefine the wearable device market."
Horus is a wearable device that uses the latest 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 patent pending.
"We are excited to be part of Horus Technology, a great company with strategic vision," said Andrew Welters, chairman and CEO of 5Lion. “They will certainly grow exponentially and help millions of visually impaired regain their independence. This is the right time to join forces.”
Gianni, Origoni, Grippo, Cappelli Partners and Walder Wyss 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 with Francesco Magagnini and Francesco Lato for strategic matters.
“We are confident that through this investment we will have the necessary support for our entrance into the US market,” said 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.”