Jumio opens new Montreal AI facility for research into facial recognition speed and accuracy
Jumio will expand its research capabilities with the launch of Jumio AI Labs in Montreal, to create, experiment with and deploy machine learning and deep learning technologies. The company will build models for data extraction, fraud detection, and risk analysis at the new facility to enhance the accuracy and speed of its online identity verification technology.
Labhesh Patel, CTO and Chief Scientist at Jumio directs the company’s Vienna-based AI team, and will hire machine learning engineers and AI specialists in Montreal.
“The AI Labs in Montreal will be focusing on facial recognition in addition to ID document analysis, for automated fraud finding,” Patel explained to Biometric Update in an email. “Because of the diversity of each ID type and the large number of security checks to look for, automated fraud finding can be a daunting task for companies. Jumio will be continuing its research into novel methods for approaching this task to provide the most efficient solution for companies in the future.”
Montreal has emerged as a major technology hub for AI, according to Jumio, in part due to the presence of deep learning pioneer Yushua Bengio at the University of Montreal. Jumio selected the city in part to take advantage of the talent from that and several other universities and academic institutions.
The company says its AI models have reduced average customer transaction time by 7 percent, and that more significant reductions are planned for the fourth quarter.
“Because of Jumio’s scale and deep experience in ID and identity verification, we have amassed very large datasets that are being leveraged to develop highly predictive AI models,” said Patel in an announcement. “Jumio’s AI Labs will build on this experience to further refine our supervised AI models, develop best practices, and continue as a platform of innovation.”
Jumio’s revenue is growing rapidly in an emerging market area. McKinsey predicts the digital identity verification market will grow between 9 and 15 percent CAGR, reaching $16 billion to $20 billion by 2022.