FacePhi reports strong business growth in 2021 from expansion into new markets and industries
Spanish biometric start-up FacePhi announced record growth in 2021, which it attributes to its expansion into new industries and markets.
FacePhi says it increased net revenue by 81 percent in 2021 compared to 2020, which translates into €13.2 million (US$15 million). The results were announced at a preview of annual results presented at the Madrid Stock Exchange. The company adds that it improved its production efficiency in 2021 by 5.5 percentage points to the gross margin. Though its EBITDA saw a slight decrease due to expansion and structural growth, FacePhi says it remains at a positive €860,445 (US$982,727).
FacePhi highlighted its recent achievements and expansions in the biometrics industry that propelled its growth, such as receiving biometric algorithm certifications from a South Korean agency and sponsorship with Valencia CF, taking steps into the Latin American financial sector with a business partnership with Banco Santander, and deploying facial biometrics as part of a South Korean smart city project.
FacePhi has expanded into the travel and transport industries in Latin America via a contract with Aena, and gained an introduction into Nigeria with Afrilight Technologies, and integration into Vietnam and Chile as areas of development.
The company’s recent financial report follows its rapid growth, which was previewed in a November 2021 release of its first half of 2021 financial results.
Javier Mira, FacePhi’s CEO and president, comments, “2021 was undoubtedly the best year in our entire history; a year in which we have surpassed ourselves at all levels, reaching milestones in expanding into new regions and industries and new use cases, and in which we have obtained our best turnover to date.”
The company also says it seeks to graduate from start-up to scale-up.