June 26, 2017 -
Following the closing of a £1.41 million investment round, Nick Fisher, the newly appointed CEO of Facewatch, is set to lead the company’s roll-out of its facial recognition system in retail and other business locations in the UK.
The company has raised £7 million to date.
Fisher, who was working as a business consultant to Facewatch prior to taking up the CEO role, is a former senior executive at Phones 4U and Dixons Retail.
Facewatch is a secure, cloud-based platform that enables businesses and police to capture and share CCTV evidence, offender images and intelligence with each other. The technology makes it possible to capture and share algorithm versions of cropped facial images securely to the cloud, where they are analysed and compared to watch lists of known offenders and persons of interest within seconds. When there is a match, an instant alert is sent back to the business.
“Businesses are continually fighting a losing battle against low-level crimes which police are hard-pressed to investigate and solve due to limited resources being needed for major crimes,” Fisher explained. “Businesses need to adopt a self-help approach with the right tools and support to make cost-effective changes and re-position how they protect their customers, employees and profits from crime.”
The latest investment round will provide working capital to help fund the roll-out of facial recognition and other services in conjunction with strategic partners, including Stanley Security and NEC NeoFace Watch.