Computer vision startup NtechLab has raised USD15 million from two international funds to develop its facial recognition product line and expand into new markets, the company announced on September 23, 2020.

Founded in 2015, the Russian company develops facial recognition software that uses artificial intelligence and neural networks to identify faces, silhouettes, and actions captured on video.

NtechLab’s FindFace algorithm was originally introduced as a consumer app that enabled users to take a photo of someone and match it with a person’s social media profile on Russian website Vkontakte.

The company closed its consumer business after fears that it might end public anonymity. Today, facial recognition software is used by governments and businesses for surveillance. It was used to monitor crowds during the 2018 World Cup in Russia and also helped arrest more than 100 people on the federal wanted list.

The company was supported by the Russian Direct Investment Fund (RDIF) and a sovereign wealth fund from the Middle East.

NtechLab said it planned to use the investment to develop automatic detection of aggressive behavior. It is also looking to create a vehicle recognition software that it says could be used to track compliance with recycling procedures.

NtechLab technology has substantial export potential. The funds attracted will also be used to expand into the Middle East, South East Asia, and Latin America. NtechLab also plans to develop solutions that can be used in the entertainment industry, banking, hospitality, and radar centers.

NtechLab’s technology has been used to monitor people in cities during the coronavirus pandemic. In Moscow, NtechLab’s live facial recognition software has been incorporated into the city’s surveillance network at a cost of USD3.2 million.

“Support for advanced AI-based technologies is one of the priorities of the RDIF and one of the core competencies of the Fund,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. The RDIF CEO continued, “NtechLab’s technology has considerable export potential to foreign markets and is attracting great interest abroad. The use of biometric recognition systems in everyday life – for example at public events, in the implementation of new banking products, and in a number of other areas – can help significantly increase security, including in the fight against the novel coronavirus infection. This investment by RDIF and our partners will support the launch of new products by a Russian company on the global market.”

The funding was announced on the sidelines of the conference “Digital Industry of Industrial Russia” in Nizhny Novgorod.