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Braiyt Ai seeks capital to commercialize AI and facial recognition, Trust Stamp and Nextbillion.ai raise cash

Braiyt Ai seeks capital to commercialize AI and facial recognition, Trust Stamp and Nextbillion.ai raise cash

The Series A funding round by Trust Stamp has gone well enough to add on a “+” as the biometric digital ID company raises its sights from a $5.6 million target to $6.875 million, CrowdFund Insider reports.

The company announced in May it had secured over $1 million in funding through SeedInvest within the first two days of opening the round. The offering consists of preferred equity at a pre-money valuation of $25 million, and currently sits at more than $4.3 million with nearly 1840 investors. Share price is $7.79, and the minimum investment is $997.

Trust Stamp has also been reported to be planning an IPO in Ireland later this year, at a valuation of €29 million (US$32.6 million).

CrowdFund Insider reports the company earned $2.1 million in 2019, with 152 percent growth over the previous year. The company counts Mastercard International as a customer, having previously completed the Mastercard Start Path program, as well as Synchrony Financial, which provides more than 80 million private label credit card accounts in the U.S.

Ottawa retail AI startup in funding talks

Canadian startup Braiyt Ai is developing AI algorithms to detect and provide alerts for failures to observe social distancing, Ottawa Business Journal reports.

The company was already working on facial recognition and license plate character recognition to help retailers recognize repeat customers and people who are security risks and generally gain insights into their business. Now, Costco is interested in seeing a prototype, according to Co-founder Warsame Ahmed. Once deployed, it is a small step from location-tracking to insights about what items are most popular or how effective a stores layout.

Braiyt is now seeking funding from Ontario’s Small Business Innovation Challenge, and is in talks with potential angel investors. The bootstrapped company currently has one full-time employee, plus a team of part-time data scientists and developers.

In addition to a new BraiytFace touchless check-in service for the security and retail sectors, the company offers its computer vision services for the health, restaurant, travel and emergency preparedness industries. Beyond computer vision, the company also advertises natural language processing (NLP) capabilities to draw insights from data.

Braiyt says that its biometric and automobile license plate recognition (ALPR) algorithms can run on edge devices, which can have cost, flexibility and security benefits. It also notes a focus on consumer privacy.

Nextbillion.ai raises $7M and plans expansion into facial recognition

Indian AI startup Nextbillion.ai has raised $7 million to expand its AI business, which focusses on hyperlocal mapping, and may soon include biometrics, according to the Economic Times.

The funding round, which Crunchbase says is Series A, was led by Lightspeed India Partners and Falcon Edge Capital.

The company has more than 20 pilots in operation with ride-hailing, food delivery, freight, logistics and social media companies. Its technology helps them optimize routes based on vehicle type, which particularly in developing markets is a challenge, according to the article.

The company has larger ambitions, however.

“Mapping is our first use case, but as we progress in our journey, we want to get into more verticals with an AI-first approach. Natural language processing, facial recognition and cybersecurity will be some of these areas,” says Ajay Bulusu, one of three co-founders who are all former employees of ride-sharing giant Grab.

Partners from the lead investors in the funding round will join Nextbillion.ai’s board of directors, and the company plans to grow its team, which already has 15 to 20 people based in Bengaluru, Hyderabad, and Singapore.

“We at Lightspeed are excited by the prospect of partnering with this team as they build a range of turnkey enterprise solutions around Maps, Facial AI and NLP to address the needs of the next billion consumers both in developing and developed markets,” said Hemant Mohapatra of Lightspeed Ventures said.

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