Paravision will be looking to expand after bringing in $23 million in its latest funding round. J2 Ventures acted as the leader for the round, which had additional input from Marlinspike Capital, Atomic, Icon Ventures, Perot Jain, Red Cell Partners, and HID Global, amongst others.
Of those backers, HID Global is perhaps the most noteworthy because the identity specialist has indicated that it already has plans to integrate Paravisinon’s facial recognition technology into its own portfolio of access control products. Paravision itself argued that its solution is well-suited to server-side and edge processing applications, since its SDKs and APIs have been specifically optimized for the Intel, NVIDIA, and Amarella hardware platforms.
Paravision plans to use the funds to round out its technology team and boost its development efforts. It will also bring on more staff to liaise with its various partners.
“We see something truly unique in Paravision,” said J2 Managing General Partner Alex Harstrick. “They are a leader in computer vision and face recognition and a dynamic company that has earned the respect and partnership of the world’s leading identity solution providers.”
“We feel incredibly fortunate to have such great support from both financial and strategic investors and the opportunity to build upon the technology and market foundation we’ve been able to establish in a relatively short time,” added Paravision CEO Doug Aley. “It resonates with what we’ve been seeing in the market, which is that partners appreciate the customer benefits of building around the most accurate and resilient technology.”
Paravision’s algorithm has consistently performed well in multiple rounds of NIST testing, posting error rates that are two to three times lower than those of other American facial recognition providers. The company released its fourth-generation facial recognition solution in September, and recently appointed a new Ethics Advisor to help guide the future development of its facial recognition tech.
May 12, 2021 – by Eric Weiss