Facial biometric technology is one of the hottest and most controversial tech topics of the year. From protests and policing, to payments and travel, to lawsuits and city-wide bans, facial biometrics and facial recognition have taken the world by storm, for good or otherwise. Our deals this week also reflect the rampant interest in this technology, with AnyVision and Wee Digital bringing in more than $44 million collectively for their facial recognition-based services.
What are your thoughts on the use of facial recognition? Is more government oversight needed, or are we sleeping on a valuable opportunity?
If you are interested in learning more about these deals and deals like them, let’s talk.
The Top Deals Covered by OWI this Week
Sumsub \ sumsub.com \ Founded in 2015
Developer of an identity verification platform intended to speed up verification, reduce costs, and detect digital fraud. The company’s platform is an artificial intelligence-based identity verification and compliance risk management toolkit that automates identity verification and translates the organization’s AML policy into automated digital workflows, enabling clients to make identity verification and background checks within a minute for conversation rates of up to 97%.
The company raised $6 million of Series A venture funding in a deal led by MetaQuotes Software on September 8, 2020. Flint Capital and Ilia Perekopsky also participated in the round. The funding raised will be used to further develop its products, expand into new markets, and grow its enterprise customer base.
AnyVision \ anyvision.co \ Founded in 2015
Developer of a facial recognition technology designed to shape the future of AI. The company’s technology analyzes face recognition results with an open-source intelligence dashboard based on a social network database and reveals contacts, collaborators, and insights about the given target, thereby enabling businesses to get an advanced object and facial recognition technology integrated with their cameras.
The company raised $43 million of Series B venture funding from Qualcomm Ventures, Robert Bosch, and Lightspeed Venture Partners on September 3, 2020. DFJ Growth, O.G. Tech Ventures, Eldridge Industries, and other undisclosed investors also participated in the round. The funds will be used to scale its touchless access control and remote authentication products.
Wee Digital \ weedigital.vn \ Founded in 2016
Developer of face recognition technology designed to offer digital banking experience. The company’s platform offers biometric technology for financial institutions on mobility and digitalization in order to shape the future banking and payment landscape, enabling clients to change micro- transaction behavior and move towards a cashless society.
The company announced a seven-digit funding round on September 8, 2020 from InterVest and existing backer VinaCapital Ventures. The company said it looks to use the fresh capital to expand in the market and to further develop products and services across the financial services sector in Vietnam.
Flint Capital \ flintcap.com \ Founded in 2013
Founded in 2013, Flint Capital is a venture capital firm based in Cambridge, Massachusetts. The firm seeks to invest in companies operating in consumer internet, mobile, health tech, fintech, cybersecurity and enterprise software sectors.
Active Portfolio – 33
Investments (TTM) – 11
Med. Round Amount – $6.00M
Med. Valuation – $27.96M
# of Exits – 14
Join our next monthly Investing in Identity Digital Forum on September 29th, for a deep dive into investing in identity.