Russian Facial Recognition Startup Gets Big VC Backing

A Russian startup focused on facial recognition has received some considerable investment.

Russian Facial Recognition Startup Gets Big VC BackingCalled VisionLabs, the company’s Luna software platform is designed to identify customers in realtime for businesses by scanning photos or video feeds. Meanwhile, its Face IS system is aimed at producing customized marketing offers to shoppers, also based on realtime facial recognition. The company has also worked with Facebook and Google to develop neural networks for AI development.

These activities have attracted the interest of Sistema Venture Capital, a new investment firm aimed at encouraging Russian startups with international potential. The VC firm has taken a 25 percent stake in the company, investing 1.4 billion rubles, or $21.9 million USD.

The considerable investment may offer an indication of growing market interest in facial recognition technology, particularly with respect to commercial and retail applications, with other recent reports suggesting that retailers are increasingly adopting such technology both for security and marketing purposes. At the very least, it appears reflective of the growing biometrics market in general.

Source: East-West Digital News

July 12, 2016 – by Alex Perala