(Yicai Global) Feb. 13 -- Hangzhou Kr-Vision Technology Co. has closed its pre-A funding to the tune of millions of dollars as it looks to bring in talent and develop the second generation of its talking eyeglasses.
The company did not disclose any further details, online news outlet 36Kr reported. It closed CNY10 million (USD1.6 million) in its angel round funding in 2016, pulling in funds from Oriza Seed, Sinowisdom, Jinju Capital, Liuheqiao Capital and others.
The firm's glasses help the visually impaired by detecting obstacles and relaying the information to the wearer audibly. It began selling the product in October and has sold over 100 devices to date, but 24 percent were returned, mostly by females who struggled with the weight of the spectacles.
A pair of the glasses weighs around 140 grams, more than twice the mass of a typical pair as they carry a mobile power supply. They can detect obstacles, pathways, steps and slopes and can also be used for positioning and navigation. The company hopes with the new funds it can add in facial recognition and detection for traffic lights and crosswalks.
The company has already penned a CNY20-million (USD3.2 million) with a manufacturer in Jiaxing in the eastern province of Zhejiang, and has partnered a foreign firm to gain a foothold overseas.