Chinese technology conglomerate Kuang-Chi to invest $20 Million in eyeSight technologies, a leader in embedded computer vision
The investment will be used to fulfill the fastgrowing demand for Eyesight’s solutions globally and for joint initiatives between Kuang-Chi and eyeSight in Hong Kong and China, bringing Embedded Computer Vision and Deep Learning to a variety of sectors HERZELIYA, ISRAEL–(Marketwired – May 4, 2016) – Israel-based eyeSight Technologies and Chinese conglomerate Kuang-Chi today announced a $20 million investment in eyeSight to bring embedded computer vision to a range of growing technology sectors, including internet of things (IoT), robotics, and automotive.
With billions of vision sensor-enabled devices deployed in the market each year, Eyesight brings vision intelligence to a vast, rapidly growing market. Partnering closely with Kuang-Chi enables Eyesight to bring its computer vision and deep learning capabilities to the market at a new scale, with user-aware, touch-free interactions for safer driving, convenient home control, and interactive robotics among other applications.
“I’m pleased to announce the investment in Eyesight, along with a deep and broad partnership with one of Israel’s most exciting innovators,” said Dr. Ruopeng Liu, chairman of Kuang-Chi. “We examined the top companies in computer vision, gesture control and embedded deep learning, and came to the conclusion that eyeSight has developed one of the most advanced and versatile platforms. The company’s core technology is already incorporated into IoT systems and automotive platforms and together we will bring it to robotics and many other applications. With our help, eyeSight can dramatically increase its pace of growth and development.”
Eyesight’s CEO Gideon Shmuel commented: “I’m excited to partner with Kuang-Chi and look forward to working closely with its leadership as we join its Global Community of Innovation. With our leading computer vision capabilities and Kuang-Chi’s scale and position, we’ll be able to bring to the market capabilities that would otherwise be beyond our reach. Anyone who spends time in Shenzhen understands what a remarkable technology ecosystem has been built there with Kuang-Chi among the pillars of that ecosystem. It’s an honor and an opportunity to call them our partner.”
Dorian Barak, the Managing Partner of Indigo Global said, “Kuang-Chi is one of China’s leading tech groups, with strength in a range of technologies including robotics and autonomous motion. Their decision to invest in Eyesight is a strong endorsement of the Israeli company’s unique capabilities and vision. As their cornerstone investment here in the startup nation, it sets a high standard for Israel-China collaboration.”
Investment advisory firm Indigo Global acted as financial adviser on the transaction. Kuang-Chi was advised by partners Barak Platt and Nimrod Vromen of law firm Yigal Arnon & Co., and Eyesight was advised by Einat Katzenell of Katzenell Dimant Frank.