A new facial recognition start-up has made a statement with an extremely strong performance in the latest round of NIST testing. YooniK was founded in late 2019, and can now claim that its YooniK Face solution is one of the three most accurate solutions in Europe and the Americas.
The company accomplished the feat after reducing its solution’s false error rate by more than 50 percent in less than five months. The improved version of YooniK Face is 99.999 percent accurate, with a false rejection rate that is under 0.5 percent.
YooniK is hoping that those results will draw the interest of potential customers. The company has now announced the widespread availability of its algorithm, which is being offered as a plug-and-play SDK/API that can be integrated into virtually any security system. YooniK stated that its technology is compatible with a range of third-party cameras, platforms, and devices, and cannot be used to make a match in any context without prior authorization. The latter feature is designed to protect people’s privacy.
According to YooniK, its solution has potential applications in a number of different industries, including retail, healthcare, and finance. It can be used for onboarding and access control, with YooniK arguing that it will dramatically reduce the amount of time that gets wasted as a result of outdated identity verification practices.
“We believe YooniK will offer one year of free time across a person’s lifetime, which is currently wasted in inefficient bureaucracy for someone to check who you are,” said YooniK Co-Founder and CEO Pedro Torres.
YooniK is hoping to capture a portion of the $4 billion facial recognition market. MarketsandMarkets believes that the demand will climb to $8.5 billion by 2025, while Adroit Market Research has issued a more aggressive forecast that places the market at $12 billion in the same period. Reports and Data, on the other hand, expects it to hit $11.3 billion in 2026.
January 22, 2021 – by Eric Weiss