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Mobai secures $2.8M in seed funding for more secure face biometrics

Mobai secures $2.8M in seed funding for more secure face biometrics
 

Norway-based facial recognition and biometric face verification provider Mobai announced on LinkedIn that it has secured 30 million Norwegian kroner (roughly US$2.8 million) in an oversubscribed seed financing round.

Investors participating include sustainability focused investment firm TD Veen, former Google and Twitter executive Patrick Pichette, and Oslo consultancy Protonic Partners, who also posted on LinkedIn about the investment.

“The cost of cybercrime is estimated at US$8 trillion in 2023 alone, and 93 percent of breaches are due to identity theft,” says the post from Protonic Partners. “Mobai’s blend of biometrics and AI is setting a new standard for secure user identification to prevent financial fraud while protecting user data. Their unique technology allows for biometric verification in the encrypted domain, enabling reusable biometrics at scale.”

Mobai’s biometric facial recognition SaaS platform provides liveness detection and deepfake detection, and targets companies in highly regulated environments such as financial services. The firm is actively pursuing R&D to augment its line of products, which are tested at recognized institutions like NIST (the Face Recognition Vendor Test) and the Swiss Center for Biometrics.

CEO Brage Strand, CTO Martin Stokkenes, and prominent NTNU biometrics professors Raghavendra Ramachandra, Kiran Raja and Christoph Busch founded the firm in 2019.

The company previously announced €2.8 million in funding for a project to strengthen face biometrics systems’ security for Norway’s banking industry near the end of 2021.

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