Specialized in privacy recognition technology, 20Face has raised an impressive 1.3 million in investments. Founded in 2017, the Enschede-based company that started as a spin-off from the University of Twente has positioned itself as a forerunner in the tech field. With this investment, the Dutch scale-up plans to enter new markets and further develop its innovative technology that protects users’ privacy.
The funding comes from Twinning Participaties, a new shareholder, that joined forces with other two existing shareholders, Value Creation Capital, and OostNL.
“We are delighted to announce this investment. It reflects the confidence of both existing shareholders and our new partner Twinning in our mission and technology,” said Dick Fens, CEO of 20Face. Establishing more strategic partnerships as well as increasing the adoption of their privacy-first approach to facial recognition are now some of the company’s main goals.
Innovative facial recognition
Deployed in several sectors, including business centers, secure environments, healthcare facilities, and recreational locations, 20Face’s technology gives users control over their own data. Using advanced artificial intelligence and computer vision, the company’s software creates an encrypted code based on a photo that is safely stored in a vault.
People are recognized based on these codes, which reduces the risk of privacy violations since the photo cannot be traced back to a real face. Additionally, 20Face’s software guarantees that users can give or withdraw their consent for recognition at any time.
“Ensuring the privacy of our users and complying with European privacy legislation is of great importance to us,” says Frank ter Kuile, CCO of 20Face. He explains that their technology is ideal for places that require fast but controlled entry, however, “security should not come at the expense of the privacy of the individual.”
Another interesting feature is the speed at which codes are generated, positioning the Dutch company among the world’s top 10 companies. Only a fraction of a second is needed to recognize someone in the database of millions of codes.
Optimistic investors
“We look forward to supporting them in their next phase of growth,” said Jan Voskamp, director at Twinning Participations. In terms of surveillance, 20Face’s solution appears to respond perfectly to the needs of today’s world. “Physical surveillance is getting more expensive and good security personnel are scarce. In this world, you no longer want to rely solely on an access card,” he said.
The adoption of facial recognition for security reasons has increased lately, and “20Face’s technology can offer a solution for the security of commercial buildings, among others,” said Matthijs Berkelaar, investment manager Tech at Oost NL.
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