OrCam

OrCam, an Israeli assistive technology startup, is closing its glasses department for the visually impaired and laying off dozens of employees in its third round of cuts this year. This follows earlier layoffs of 100 workers in June and 50 three months prior, leaving the company with only several dozen staff remaining. The decision, announced on July 28, 2024, stems from technological progress in AI and language models, which have made smartphone-based alternatives to OrCam's Low Vision products largely redundant. Consequently, the company will now focus exclusively on its Hear division for hearing aids. Founded by Mobileye's founders, OrCam had previously aimed for a high-value IPO, but those plans have stalled due to market conditions.

OrCam, the Israeli assistive technology startup founded by Amnon Shashua, has laid off 100 employees in June 2024, marking its second round of job cuts within four months. This reduction affects about half of the remaining workforce after an earlier layoff of 50 employees in February. The company, which develops reading devices for the visually impaired, is primarily cutting marketing and sales roles in Israel and the U.S. due to a sharp decline in sales, particularly to Arab countries amid geopolitical tensions. Additionally, the rise of generative AI technologies offering similar functions via smartphones has impacted demand. OrCam is now focusing on streamlining operations, splitting its hearing and vision divisions, and prioritizing the development of hearing aid systems to achieve profitability and prepare for future capital raising.

In October 2022, OrCam Technologies, an Israeli artificial vision startup founded by Mobileye's Amnon Shashua and Ziv Aviram, laid off 62 employees, representing 16% of its workforce. The layoffs primarily affected staff in Israel and were part of a reorganization under new CEO Elad Serfaty, driven by a downturn in the tech market. OrCam, which develops wearable devices to assist blind and visually impaired individuals, had previously aimed for a $3 billion IPO valuation. The company, operating in the accessibility tech industry, had raised around $130 million and employed several hundred people before the cuts.