Paravision was founded in 2013 and is headquartered in San Francisco, California. Its face recognition technology provides contactless recognition for security and access in travel, workplace, retail and other places.
Editor’s note: This article is from the WeChat public account “Silicon Rabbit Race” (ID: sv_race), author: Man Manzhou.
UpHonest Capital, Paravision, a leader in the critical face recognition and computer vision field of UpHonest Capital, announced in May that it had raised $23 million in the latest round of financing led by J2 Ventures. HID Global, Marlinspike Capital, Atomic, Icon Ventures, Perot Jain, Red Cell Partners and other investors participated in the financing.
Paravision was founded in 2013 and is headquartered in San Francisco, California. Its face recognition technology provides contactless recognition for security and access in travel, workplace, retail and other places. Driven by the demand for fast, accurate, and contactless identity, the global face recognition market has accelerated its development in a wide range of applications such as corporate security, consumer identity verification, government services, tourism and payment.
Picture source: Microsoft Blog
This round of investment reflects that Paravision has become the preferred technology partner in a rapidly expanding field.
Alex Harstrick, Executive General Partner of J2 Ventures, said: “We saw something truly unique at Paravision. They are the leaders in the fields of artificial intelligence, computer vision and face recognition in the United States. They are a dynamic, focused and consistent company. Ethical companies have won the respect and cooperation of the world’s leading identity solution providers.”
Source: govtech
Since entering the market in 2018, Paravision has maintained a leading position in the accuracy of face recognition in the United States, and has repeatedly won the first place in NIST’s Face Recognition Vendor Test (FRVT), including 1:1 verification , 1:N recognition and mask effect. In many cases, its error rate is 2-3 times lower than that of the second most accurate supplier in the United States.
Paravision’s commercial success stems from its strategy, which is to provide world-class artificial intelligence technology through SDK and API to power trusted partners. These technologies are highly targeted at leading hardware platforms of Intel, NVIDIA, and Ambarella. optimization. This is significantly different from other competitors in this field, who usually only provide vertical solutions and do not support the various server-side and edge processing required by mission-critical applications.
Picture Source Network
HID Global is a brand of ASSA ABLOY Group and a global leader in the field of electronic access control and trusted identity. The strategic direction of their investment in Paravision is to embed facial recognition into solutions for various identity verification And to achieve a seamless and highly secure user experience in the application.
Paravision CEO Doug Aley said: “We feel very fortunate to have the strong support of strategic investors and the opportunity to build a technical and market foundation in a relatively short period of time. Partners appreciate the true value of cooperation , To build customer benefits around the most accurate and flexible technology, which is consistent with what we see in the market.”
Paravision will use new funds to expand its technology and partner-oriented teams, accelerate the development of next-generation technologies, and strengthen its global presence.