SAN FRANCISCO, California – Paravision, the U.S.-based leader in mission-critical face recognition and computer vision, today announced that it has raised $23 million in its latest funding round led by J2 Ventures, with participation from HID Global, Marlinspike Capital, Atomic, Icon Ventures, Perot Jain, Red Cell Partners, and other investors.
This round of investment reflects Paravision’s emergence as the technology partner of choice in a rapidly expanding space. Driven by the need for fast, accurate, touchless, and frictionless identity, the global market for face recognition is accelerating across a wide range of applications including enterprise security, consumer identity verification, government services, travel, and payments.
We see something truly unique in Paravision. They are a U.S.-based leader in AI, computer vision, and face recognition and a dynamic, focused, and ethical company that has earned the respect and partnership of the world’s leading identity solution providers.
Alex Harstrick, Managing General Partner, J2 Ventures
Since entering the market in 2018, Paravision has firmly established itself as the U.S. leader in face recognition accuracy, repeatedly receiving top rankings across NIST’s Face Recognition Vendor Test (FRVT), including 1:1 Verification, 1:N Identification, and Face Mask Effects. In many cases, it has demonstrated error rates that are 2-3X lower than the next most accurate provider from the United States.
Paravision’s commercial success stems from its strategy of powering trusted partners with world-class AI technology delivered as SDKs and APIs that have been highly optimized for leading hardware platforms from Intel, NVIDIA, and Ambarella. This differs markedly from others in the space who have only offered vertically-stovepiped solutions, do not support the variety of server-side and edge processing demanded by mission-critical applications, and do not offer close to the same level of accuracy.
HID Global, an ASSA ABLOY Group brand and world leader in electronic access control and trusted identity, invested in Paravision based on a strategic direction to embed face recognition into solutions for a seamless and highly secure user experience in a variety of identity verification and authentication applications, including access control.
In partnership, HID and Paravision have already cooperated on projects and we look forward to further advancing our collaboration across a number of different markets and use cases.
Björn Lidefelt, EVP and Head of HID Global
Paravision will use the new funding to expand its technology and partner-facing teams, accelerating the development of next generation technologies as well as enhancing its support for global deployments.
We feel incredibly fortunate to have such great support from both financial and strategic investors and the opportunity to build upon the technology and market foundation we’ve been able to establish in a relatively short time. It resonates with what we’ve been seeing in the market, which is that partners appreciate the value of true collaboration and the customer benefits of building around the most accurate and resilient technology.
Doug Aley, Paravision CEO