Rank One has received $250,000 through the Colorado Office of Economic Development and International Trade’s Advanced Industry Accelerator Grant Program, illustrating one of the benefits of being a ‘made in the U.S.A.’ biometrics specialist.
Rank One was one of a number of companies to receive Proof of Concept and Early-Stage Capital and Retention Grants through the program, with the state paying out over $8.5 million this cycle. In a statement from the OEDIT announcing the grants, the agency asserted that Rank One’s biometric algorithms “deliver top-tier accuracy with 2-5x faster and 10-20x more efficient results than competitors,” adding that while many biometrics vendors are based in foreign countries, Rank One’s presence in the US has enabled it to “establish vital trust within the US federal government, law enforcement, financial services and other verticals since 2015.”
In announcing the grants, the OEDIT explained that its AI Accelerator Grant program had received 119 applications, which were reviewed by committees comprising business, financial, and technical experts. Twenty-two of the applicants were invested to pitch their technologies with the full AI committee this month, and its final recommendations were approved by the Economic Development Commission on May 20.
Rank One has demonstrated a strong focus on R&D efforts aimed at refining its biometric technology, which has paid off in the form of successful performances in third-party testing conducted by the National Institute of Standards and Technology.
Earlier this year, Rank One announced that it had received a patent from the US Patent and Trademark Office for its proprietary passive biometric liveness detection solution; and it launched a facial recognition plugin for the Milestone XProtect Video Management System, dubbed “ROC Watch”.
Now, the financial support from Rank One’s home state should help to further boost its activities as the company continues to advance its technology.
May 25, 2021 – by Alex Perala