Central regions | Finance, business | Technology & innovation
VisionLabs gets $5.3m to enhance face recognition expertise
3 Aug '16
VisionLabs, a Russian expert in computer vision and machine learning, has just raised $5.3m in investment from Sistema Venture Capital, a Russian corporate VC fund. The fund has acquired 25% of this young company currently valued at $21+m, the Skolkovo Foundation announced. VisionLabs is a resident of the Skolkovo innovation hub just outside Moscow.
According to VisionLabs CEO Alexander Khanin, this is the first time a venture fund invests in his company. Earlier funding came from acceleration programs and the founders’ own pockets.
VisionLabs wants to funnel the new money into further development of its proprietary face recognition and analysis technology, and also has international expansion plans. Foreign markets are focal for VisionLabs, the CEO said, as “the Russian market is interesting but, unfortunately, not so large.”
VisionLabs is working on new software solutions and services based on computer vision and machine learning technology. Its flagship product, the VisionLabs LUNA face recognition platform, enables real-time analysis of colossal volumes of photo and video data for recognizing people and matching their face images with those in multimillion entry databases.