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Alchera forecasts bigger market for its facial recognition and lists to KOSDAQ, Kabn closes $3M private placement

Alchera forecasts bigger market for its facial recognition and lists to KOSDAQ, Kabn closes $3M private placement

Alchera says it plans to make more market in-routes with its AI-driven facial recognition solution as well as expand its customer base. The company made the forecast as it unveiled its strategy and vision ahead of its listing on the KOSDAQ market this week, a news release by Born2Global Center, the Korean government agency working with startups, announced.

The release mentioned the strong points of the biometric system saying it provides a complete solution that covers collecting and editing of large-capacity image data, deep learning, AI engine optimization, and creation of dedicated solutions. It also noted that thanks to its excellence in facial recognition, augmented reality, anomaly detection and data business, Alchera has carved a niche for itself among key domestic customers.

According to the announcement, Alchera was able to achieve high market visibility because its facial recognition technology has been used in various industrial fields such as with the Incheon International Airport’s Automated Immigration System, the Passport Information Comprehensive Administration System of the Ministry of Foreign Affairs, the passport counterfeit detection system of the Korean financial industry, and the fire monitoring system of KEPCO.

Alchera’s strides in biometric technology are also said to have been showcased when its facial recognition solution was successfully applied to Shinhan Face Pay, considered Korea’s first facial recognition payment system. It also earned a grade A rating in a technical evaluation carried out by two rating services, the news releases noted.

Alchera’s chief technology officer, Young-Kyoo Hwang, said they expect a significant increase in sales given the current circumstances that warrant increased use of their facial recognition solutions.

“In the non-face-to-face era and a trend of non-contact service, AI image recognition technology is attracting attention as an optimization solution in various areas including payment and public services, financial industry, medical services, entry control, and security services. The company expects a steep increase in sales in the future due to Alchera’s source technology being a strong barrier to entry for overseas competitors who have yet to produce a similar product,” said Hwang.

He expressed optimism with the KOSDAQ listing, saying they hope it triggers “…a turning point for Alchera to leap higher.”

“We will do our best to transform into a global AI image recognition company that leads trends in various industries thanks to our overwhelmingly innovative technology,” he pledged.

Kabn raises funds and welcomes advisors

Kabn North America has raised $3 million in a non-brokered private placement for which its continuous online identity verification technology drew interest in excess of availability, according to the announcement.

The offering was increased from $2 million to $3 million, and was still outstripped by interest, Kabn NA CEO David Lucatch says.

The company is also welcoming new investors Loop Insights CEO Rob Anson and ThreeD Capital Founder, Chairman and CEO Sheldon Inwentash to its Industry Advisory Committee.

KABN ID provides an ‘always on’ biometric verification platform, and works with the company’s Liquid Avatars to give users self-sovereign identity.

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