Velo/Horizon feature an over-the-air updating system.
To set up access to a Wi-Fi network, go to “Menu > Settings > Wi-Fi”
Once the device has online access, it will check if any software updates are available. If there are, it will show a message offering to install it.
Just accept this message and the update will be installed automatically.
Note: This update method using Wi-Fi also checks to see if the OS is up to date, so any updates to the OS will work the same way.