Spain-based biometric authentication specialist FacePhi has received some significant financial backing from Nice & Green, a Swiss investment firm that offers investment capital to small and medium-sized listed companies.
The latter has committed to delivering capital valued at 4 million euros through September of 2020. The backing will come in the form of warrants valued at 3.5 million euros, together with a capitalizable loan valued at 500,000 euros.
Commenting on the investment capital in a statement, FacePhi CEO Javier Mira explained that it brings his firm “more capacity to expand its commercial network and accelerate its growth in high-potential markets such as Latin America, the United States and Asia,” adding that FacePhi recently opened an APAC subsidiary, headquartered in South Korea.
Delving into more specific plans concerning how FacePhi will use the new funding, the company said in its statement that it will “incorporate new talent, develop new solutions and boost commercial actions and business development” through the FacePhi APAC subsidiary and in the Latin American region in which FacePhi has enjoyed a high profile thanks to numerous partnerships with financial institutions and other financial services operators. FacePhi added that the capital investment will allow it to explore new opportunities in the US market.
While FacePhi’s inPhinite platform supports multiple modalities for authentication across numerous application areas, the company is best known for using selfie-based facial recognition to enable end customer authentication for banks and other financial services providers. The company’s technology has helped it to generate dramatic increases in net profits over the last couple of years, with the new financing from Nice + Green further building its momentum.