Paravision has raised $ 23 million in funding, which the company says reflects its emergence as a technology partner of choice in a rapidly growing market, with plans to use the capital to develop its technology and its connected teams. partners, speed up their facial recognition and computer vision. development efforts and strengthen its support for global deployments.
The funding round was led by J2 Ventures, with participation from HID Global, a digital identity and biometric security system integrator, as well as Marlinspike Capital, Atomic, Icon Ventures, Perot Jain, Red Cell Partners and others. .
âWe see something really unique about Paravision,â comments Alex Harstrick, Managing Partner of J2 Ventures. “It is an American leader in AI, computer vision and facial recognition and a dynamic, focused and ethical company that has earned the respect and partnership of the world’s leading providers of identity solutions.”
The expansion of the global facial recognition market is driven by the demand for fast, accurate, frictionless and contactless identity in a range of applications, including corporate security, consumer identity verification , government services, travel and payments.
âIn partnership, HID and Paravision have already cooperated on projects and we look forward to advancing our collaboration in a number of different markets and use cases,â said BjÃ¶rn Lidefelt, EVP and Head of HID Global.
HID, a subsidiary of Assa Abloy, invested in Paravision as a strategic decision to integrate facial recognition into its access control and trusted identity solutions to deliver transparent and highly secure user experiences.
Paravision launched its facial recognition in the market in 2018 and has performed well in third-party testing by US National Institute of Standards and Technology (NIST) facial recognition vendor testing, with error rates in the US. many cases two to three times lower than the second-most accurate biometrics provider in the United States, according to the company’s announcement.
“We feel extremely fortunate to have such strong support from financial and strategic investors and the opportunity to build on the technology and market foundations that we have been able to establish in a relatively short time.” , declares Doug Aley, CEO of Paravision. âThis is consistent with what we’ve seen in the marketplace, that partners appreciate the value of true collaboration and the benefits for the customer to build around the most precise and resilient technology.â
Paravision also moved past claims of incorrect dataset collection by its former incarnation, removing the dataset and resulting algorithm prior to an FTC order, establishing a set of ethical development principles, and appointing Elizabeth M. Adams as Senior AI Ethics Advisor.
Subjects of the article
AI | biometric identification | biometrics | computer vision technology | facial recognition | financing | HID Global | investment | Paravision