Visualfy, the tech startup well-known as a reference in Artificial Intelligence for hearing accessibility, closes a 520.000€ round of venture capital investment to consolidate the national expansion of Visualfy Places, its product for public spaces. Amazon’s logistics Smart Delivery Routes and the canarian investment fund Archipiélago Next join Ship2B social impact platform and Inelcom company as new shareholders. Minority and actual shareholders that follow on complete the round.
Furthermore, Visualfy has entered into a commercial agreement with Telefónica through Wayra, Telefonica’s innovation hub, in order to include Visualfy Places as one of the B2B solutions of the multinational’s company catalogue. This will help Visualfy to improve market penetration and accelerate expansion. Inelcom, one of the major shareholders, will give support in all national installations. Global market of sound recognition is estimated to grow 75,8% until 2025 reaching a 4.42 billion dollars value (Grand View Research).
MORE THAN FUNDS
“New partners bring us their knowledge and experience, not just funds, to initiate a new stage where our main objective is to make public spaces, specially in healthcare, educational, cultural and work areas as key places to guarantee equal opportunities, be secure and accessible as Spanish and European current legislation requires. Covid19 crisis should not be an excuse to extend the accessibility gap in the healthcare system, in educational areas or the labour market because consequences are terrible. Some of them are lower life expectancy of deaf people, inequality in the access to higher education or to qualified jobs”, Manel Alcaide, Visualfy’s CEO, assures.
This is the second round of venture capital investment for the tech company which in 2017 obtained 1.3 millions of euros from the Innovation European Program H2020. In the last three years Visualfy has created and launched two products: Visualfy Home, a device that recognizes home sounds and translate them into visual and sensory alerts; and Visualfy Places,the company focus right now, that allows auditive adaptation of public spaces, improving all people’s security by adding alerts and visual notifications in noisy environments or situations where the hearing sense is off, like when using protection headphones.