A BIRMINGHAM technology start-up that has developed special software that acts as eyes for blind people has raised funding from a corporate accelerator scheme.

Vision Technologies has raised $100,000 (£64,000) seed investment from the WAYRA technology accelerator programme which is owned by Spanish broadband and telecommunications provider Telefónica. The investment values the company at $1.3m (£840,000).

The business, which is developing a sophisticated software suite that powers smart glasses which can be used by the visually impaired, is on course to launch in late 2015.

The system, Give Vision.net, which was a runner-up in the 2014 Baldwins Accountants’ KickStart Young Entrepreneurs Awards, is about to complete the first round of user trials.

Stan Karpenko, co-founder of Vision Technologies, said: “We are pioneering the field of wearable computer applications with the development of GiveVision.net – and assistive technology for the blind is just the first step. Our software works on any wearable device and has enormous potential for industrial and medical applications.

“With dozens of Smart Glasses on the market and Microsoft Hololens coming out shortly, we are excited to be at the forefront of wearable technology market that is projected to reach $30bn by 2020 – and we are delighted to have the backing of WAYRA Telefónica.”

Vision Technologies is now aiming to raise $1,000,000 from Angel investors from the Seed Enterprise Investment Scheme (SEIS and EIS) which provides tax efficient benefits to individuals who invest in small and early stage start-up businesses in the UK.

“This is a really exciting time and the mentoring we are receiving from Baldwins Accountants as part of our runners-up prize in the KickStart competition is proving really useful when searching for extra investment,” added Karpenko.

David Baldwin, a partner at Baldwins Accountants, said: “I’m not surprised their (Vision Technologies) app has caught the eye of potential investors because Stan and his team have already demonstrated fantastic entrepreneurial spirit.”

Applications for Baldwins Accountants’ third KickStart Young Entrepreneurs Awards have now opened.

The winner is presented with a £10,000 grant along with £10,000 worth of mentoring and accountancy advice from the Midlands-wide company and two runners-up receive £5,000 of mentoring and accountancy advice from Baldwins Accountants.