TechFinancials Announces Investment in RenewSenses

Financial Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term, TechFinancials announced today that it has entered into an investment in RenewSenses, an Israel-based emerging Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term focused on medical technology. The startup works on technology solutions for people suffering from visual impairment.

According to the official press release shared with Finance Magnates, Techfinancials has invested a sum of about $148,000 in an equity round using the SAFE agreement. The financial technology provider aims to facilitate the young startup to solve real-life problems.

RenewSenses is working to introduce technology solutions for people suffering from visual complexities. The company is developing a wearable device to help users detect, locate objects and surroundings with the help of alternative senses.

“RenewSenses aims to revolutionize the way people with visual impairment experience the world. The Company develops a wearable device that combines cutting-edge computer vision and vision-to-audio and vision-to-touch sensory substitution methods, enabling users to detect and locate objects, people, and general visual characteristics in their immediate surroundings through alternative senses,” the official press release states.

Role of TechFinancials

RenewSenses is currently developing a product named ‘A.I. Cane’, the new product uses Artificial Intelligence to enable better obstacle avoidance together with advanced object and text recognition. The product consists of a camera attached to a hand-held device to help visually impaired people navigate freely. The app attached to the product can identify obstacles and people. The startup plans to use the investment by TechFinancials to finalise the A.I. Cane product for initial launch and to build international collaborations with a focus on European markets.

"We are thrilled to invest in a young and promising technology company that solves real problems that may change positively the life of so many people. We will do our best to support RenewSenses in its journey towards success,” Asaf Lahav, Executive Director of TechFinancials, said in a statement.

According to the deal terms mentioned in the press release, upon conversion, the deal will give TechFinancials an equity position of at least 17.02% in RenewSenses.