Brazilian startup Unico raises $120M for face biometrics-powered authentication
Brazilian biometric identity authentication provider Unico has raised 625 million reals (US$120.27 million) in a funding round led by General Atlantic and SoftBank.
According to CNN Brasil, the funds from the contribution will now be used by Unico to expand the development of proprietary technology, as well as for additional acquisitions.
For context, since starting operations in 2007, Unico has already completed three acquisitions. In 2020, the firm acquired Meerkat, an image analysis startup from Rio Grande do Sul, and in the past few months bought Vianuvem and CredDefense, both companies specializing in biometrics for the vehicle trade.
Unico specializes in the development of facial recognition solutions for remote hiring and digital signatures. The company has also recently ventured into the healthcare industry.
The recent investment from General Atlantic and SoftBank builds on a previous round from the same firms, which in 2020 provided Unico (then Acesso Digital) with 580 million reals (US$108 million) as part of a Series B funding.
With the latest funds, Unico has officially become a unicorn in Brazil, a term utilized to describe startups valued over $1 billion.
The company reportedly counts around 800 client companies at the time of writing, including Magazine Luiza, Pernambucanas, C6Bank, Banco Original and B2W.