STRAP Technologies is a fairly recent company that has emerged with the aim of bringing increased physical and psychological independence to the visually impaired. This is being done through the use of the world’s substitute for the white cane. Their signature product, known as the STRAP, is an innovative wearable and portable device that ensures that visually impaired people are able to detect and appropriately respond to any kind of obstacle present in their way. STRAP also works to alert them and make them aware of any potentially occurring collisions.
Recently, STRAP Technologies has received an investment worth $1.3 million from Platform Capital, an investment and advisory firm with a focus on the growth and expansion of markets. It also provides Corporate Finance & Capital Markets advisory services.
Approximately 2.2 billion people around the world. suffer from some form or degree of visual impairment. From this number, around 1 billion have a visual impairment that is yet to be addressed or could have been prevented. Such medical issues often pose a significant financial burden on the global industry, which annual losses estimated to be greater than $25.4 billion. The most prominent causes of loss of vision or visual impairment are cataracts and unaddressed refractive errors.
STRAP has worked on and developed a variety of both software and hardware solutions that address the challenges regarding mobility that are faced by visually impaired people on a daily basis. After several years of extensive research, development, and testing, STRAP’s work has culminated into a lightweight device that is worn on the chest and guides the user by calculating the proximity of people and objects in their environment, allowing them to walk without the aid of a cane. The harness is hands-free and uses haptic language to warn the user of any possible hazards, such as walls, steps, a passerby, or even any changes in elevation, such as on sidewalks, ramps, or other pathways.
The device is available for a pre-order with a promotional price of $500, with an initial deposit of $50. The company has received significant pre-orders from more than 6,000 customers across North and Latin America and will ship its products in the fourth quarter of 2021.
Due to the popularity of the product, Platform Capital is not the only company to back it. STRAP Technologies has also received support from International Accelerator and a group of Angel Investors. Furthermore, as part of Platform Capital’s involvement, Dr. Akintoye Akindele, Chairman of Platform Capital, will be a member of the Board of STRAP.