Shubham Banerjee, 13, has received funding from global investor Intel Capital for the development of his low-cost Braille printer, which he plans to sell for $350.
The San Francisco mid-schooler becomes one of the youngest businessmen, even by Silicon Valley's standards. He was compared to other young businessmen, whom investors favored over the more-experienced entrepreneurs. Summly founder Nick D'Aloisio was only 17 when Yahoo bought his company for $30 million. Stripe brothers John and Patrick Collison were 16 and 19 when they sold the business for $5 million.
Banerjee's startup, named Braigo Labs, was created when his parents gave him $35,000; it is now worth hundreds of thousand of dollars, according to Reuters.
Banerjee drew inspiration for the Braille printer from a home-built Lego Mindstorms project he used for a science fair. The prototype will soon be unveiled, and is equipped with an Intel Edison chip. His Braille printer is much cheaper than existing products, most of which cost at least $2,000.
"We had no idea that someone could reinvent a Braille printer and bring the cost down by an order of magnitude," Mike Bell, Intel vice president and general manager of the company's New Devices Group, said to Mercury News. "We think this has big potential to help a lot of people."
Unlike other young businessmen who quit school to focus on their business, Banerjee plans to continue his studies. He often receives A's or B's in his classes at the Champion School in San Jose, California.
Braigo Labs will be managed by his mother, Malini Banerjee, who is CEO and President. His father, Neil Banerjee, is also part of the board of directors. The family plans to use the funding they received from Intel to hire engineers and product designers, Mercury News reported.
A cheaper Braille printer product shows potential, but the challenge is whether Banerjee can attract many buyers, especially that the blind population in the United States who can read Braille is less than 10 percent.
