Dutch Facial Recognition Startup 20Face Secures €1.3 Million Investment
Enschede, Monday, 2 September 2024.
Enschede-based 20Face, a pioneer in privacy-focused facial recognition technology, has raised €1.3 million from Twinning Participaties, Value Creation Capital, and Oost NL. The funding will accelerate growth and product development for their software, which boasts a 99.85% accuracy rate and is used in various sectors including healthcare and recreation.
Revolutionizing Facial Recognition Technology
20Face, founded in 2017 as a spin-off from the University of Twente, has established itself as a leader in privacy-proof facial recognition technology. The company’s software is designed to ensure compliance with stringent privacy regulations, a critical feature in today’s data-sensitive environment. By focusing on privacy, 20Face aims to mitigate the risks associated with facial recognition systems, which often face scrutiny over potential privacy violations.
Diverse Applications and High Accuracy
The technology developed by 20Face is currently employed across a variety of sectors, including healthcare institutions, recreational facilities, and business centers. Notably, the company has outfitted 23 FairPlay Casino locations with its facial recognition system to enhance access control. The system boasts a remarkable 99.85% accuracy rate in the LFW (Labeled Faces in the Wild) benchmark, ensuring that access is granted to 96% of users while maintaining a low error rate of less than 1 in 10,000 wrongful admissions.
Strategic Investment for Growth and Innovation
The €1.3 million investment from Twinning Participaties, Value Creation Capital, and Oost NL will be pivotal for 20Face’s expansion strategy. According to Dick Fens, CEO of 20Face, the funding will be used to accelerate growth, advance technological development, and explore new markets. The company also plans to form strategic partnerships to further enhance its offerings. This investment reflects the confidence of both existing and new shareholders in 20Face’s mission and technological capabilities.
Support from Esteemed Investors
Twinning Participaties, known for investing in innovative tech companies during their growth phase, brings not only capital but also expertise and networks to 20Face. Value Creation Capital, targeting early-stage and growth-stage IT and technology companies, provides strategic guidance to help achieve long-term value. Oost NL, a regional development company in the eastern Netherlands, supports economic growth through financing and expertise, with a focus on sustainability, health, and technology. Each of these investors plays a crucial role in bolstering 20Face’s market position.
Future Prospects
With this fresh infusion of capital, 20Face is well-positioned to enhance its product offerings and expand its market reach. The company’s commitment to privacy and high accuracy makes it a trusted partner for organizations requiring secure and efficient access control systems. As facial recognition technology continues to evolve, 20Face’s innovative approach and strategic growth plans are likely to keep it at the forefront of the industry.