AUSTIN, Texas & LAGOS, Nigeria & MEXICO CITY--(BUSINESS WIRE)--Platform Capital (“Platform”), a leading growth markets investor, is pleased to announce it led a $1.3 million investment round into STRAP Technologies (“STRAP”), an innovative company that has developed the world’s first total technology replacement of the white cane for the blind and visually impaired.
Globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Vision impairment poses a significant global financial burden with the associated annual productivity losses estimated to be over $25.4 billion. The leading causes of vision impairment are uncorrected refractive errors and cataracts.
STRAP has developed a range of hardware and software solutions that address the mobility challenges that the blind and visually impaired encounter daily. After years of R&D and extensive testing, STRAP has integrated its solutions into a lightweight, chest-worn device that guides the blind and visually impaired by calculating the proximity of physical environments, allowing them to move unaided. This hands-free wearable harness uses haptic language to warn of hazards like an oncoming passer-by, walls, steps, and even changing elevations on sidewalks and other pathways. The company has received significant pre-orders from over 6,000 customers across North and Latin America and will ship its devices in Q4 2021. For a video overview of STRAP’s technology in action, click here.
The company is also backed by International Accelerator and a group of Angel Investors. As part of Platform Capital’s investment, Dr. Akintoye Akindele, Chairman of Platform Capital, joins the Board of STRAP.
Diego Roel, Founder and CEO of STRAP Technologies said, “STRAP is the first assistive technology on the market that replaces the white cane that’s been in use for over 100 years. I am inspired and excited by this recent investment and support in what STRAP is doing. The investment represents the belief in what we have accomplished and what we have been passionately working on these last three years in research and development. We appreciate the confidence of our investors in STRAP and strengthening our position for the future.”
Dr. Ponmile Osibo, Partner at Platform Capital said, “We are proud to partner with STRAP Technologies. Their innovative solution provides an exciting alternative for the white cane. We believe that this technology will impact millions of lives globally. We look forward to working with STRAP Technologies to scale and to ensure that visually impaired people can live dignified and independent lives without guides or the white cane.”
About STRAP Technologies
STRAP Technologies’ mission is to bring increased independence and autonomy to the visually impaired through the development of the world’s first substitute for the white cane. Their featured product, STRAP, is a state-of-the-art wearable device that enables blind and visually impaired people to detect and respond to any type of obstacle and notify them of possible collisions.
The device is now available for pre-order with a limited promotional price of $500 USD. With a $50 USD deposit now, the remainder is due prior to shipping later this year.
About Platform Capital
Platform Capital is a growth markets focused, sector agnostic, principal investment and advisory firm. We deploy patient, value accretive capital alongside international and local value investors to create champion businesses with the potential for regional or global scale. Platform also provides end-to-end bespoke Corporate Finance & Capital Markets advisory services. What makes us different is our obsession with changing the African narrative.