FaceTec says use of biometric liveness solution grew nearly 60% in Q2
Privately held 3D face biometrics company FaceTec says its second-quarter revenue rose 81 percent over the same period last year.
The Summerlin, Nev., maker of biometric face verification and authentication software developer and provider, says second-quarter use growth of its 3D Liveness Check grew almost 60 percent over the second quarter last year.
It was not a bad year for logging new partners and buyers, either. FaceTec executives signed contracts with ClearSale and Serasa Experian in Brazil, Swiss-based GlobalPass, Qatari-based Ahli Bank and TrustID in the United Kingdom. Yoti, also in the United Kingdom, re-signed its partnership agreement.
Users of FaceTec’s 3D FaceVectors software, new in the quarter, store liveness-proven 3D FaceMap data in a way that contains no image data and cannot be re-assembled. And while FaceVector data is uniquely encrypted for each of the company’s customers, executives have said they are working on a universal-encryption option.
Also in the second quarter, the company doubled its bounty for liveness spoofs, to $200,000, .
At the time, FaceTec CEO Kevin Alan Tussy explained the bounty, saying, “We hoped PAD testing labs would evolve with threats, but they haven’t kept up, allowing unscrupulous liveness vendors to dramatically exaggerate their security levels.”
The company raised a $4 million seed round in 2014, and has not gone to the well again, according to Crunchbase. The sole investor was the Ignite Farm Fund, which makes placements into tech and consumer packaged-goods vendors “making the planet a better place.”