Yoti

Yoti is a digital identity technology company that makes it easier for people to prove their identity by verifying identities and trusted credentials both online and in person. It offers verification solutions all over the world, including identity verification, age verification, document eSigning, access management, and authentication, as well as leading facial age estimation.  Yoti's ID Verification Services are ISO/IEC 27001:2013 certified, and its technical and organizational security processes are ISAE 3000 (SOC 2) Type 2 certified.

<div><p>Yoti is a UK-based digital identity company that provides secure identity verification. The Yoti ID is a secure digital ID app that lets users store their personal details and completely control how much information is shared with third parties. Yoti&rsquo;s system prevents data mining and selling of personal information &ndash; only the ID holder can share their information with others.&nbsp;</p></div>

Facial recognition delivers incredible convenience to consumers, as well as serious risks.

Facial Recognition

Yoti hopes forthcoming DISD bill retains DVS, tightens rules for digital ID providers

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    Yoti is a UK-based digital identity company that provides secure identity verification. The Yoti ID is a secure digital ID app that lets users store their personal details and completely control how much information is shared with third parties. Yoti&rsquo;s system prevents data mining and selling of personal information &ndash; only the ID holder can share their information with others.&nbsp;
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    The company provides customer verification solutions for businesses, including identity verification, age verification, eSignatures, and authentications. Yoti also offers Digital ID Connect, a network of reusable Digital ID apps, and provides citizen-centric digital ID solutions for the public and private sectors.
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    Yoti operates through a B2B sales model. It has established overseas operations in Australia, Canada, India, the US, and New Zealand. The company uses advanced technologies such as facial biometrics, encrypted codes to prove user identity online, and AI anti-spoofing technologies. Moreover, its system is designed to prevent the mining and selling of user data to third parties.
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    <b>Key customers and partnerships</b>
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    Yoti has partnered with several companies, including Post Office and Lloyds Bank to create Digital ID Connect and Galaxkey to eliminate phishing and email fraud with verified senders and receivers. In addition, it has partnered with Synthetic Solutions, Reflex Gaming, NCR, StrongPoint, JNCTN, and ForgeRock. Meanwhile, it serves a customer base across the social media, gaming, financial services, retail, background screening, gambling, and healthcare industries, as well as in the government sector.
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    <b>Funding and Financials</b>
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    Yoti raised GBP 20 million (USD 25 million) in December 2023 (GBP 12.5 million debt funding from HSBC and another GBP 7.5 million convertible debt funding from existing shareholders) to accelerate company growth.
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    Founded in Spain, FacePhi offers a wide range of facial recognition identity authentication solutions for transaction approval and digital onboarding. FacePhi&rsquo;s Selphi software allows the user to conduct ID authentication by using a selfie. The selfie is encrypted and sent to the bank&rsquo;s database to be used in payee authentication. The encryptions ensure the user's privacy as the full image is not sent to the bank. The company&rsquo;s revenue increased by around 143% during the first half of 2020 (compared to the same period in 2019) on account of agreements with 10 new clients, compared to 13 new customers during 2019 (full year), indicating the growth potential of the company.
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    In May 2021, FacePhi partnered with Revelock, a Spanish fraud detection company, to provide comprehensive identity verification and fraud prevention solutions for financial institutions. In February 2022, the company partnered with software company Oracle Cloud Marketplace, for the latter to work as a distributor for FacePhi's digital onboarding and facial recognition solutions. In November 2021, the company also partnered with airport operator Aena to offer identity verification for passengers and employees at a price of USD 1.7 million for four years. With the aim of expanding presence in the LATAM region, FacePhi established a regional office in Uruguay in March 2022, followed by an agreement with 
    <a href="https://sp-edge.com/updates?industryIds=16">
      Hites,
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     a Chilean department store, to use remote selfie onboarding technology to let Hites&rsquo; customers apply for credit cards online. In May 2022, FacePhi opened another
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       office in the UK
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     to serve Europe, the Middle East, and Africa (EMEA) regions.
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    <b>Funding and financials</b>
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    During the fiscal year 2022, FacePhi recorded net revenues of EUR 2.2 million ( ~USD 2.3 million), growing 69% YoY, and an adjusted EBITDA of EUR 4.3 million ( ~USD 4.6 million), unchanged from the previous year.
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FacePhi

<p><span>Headquartered in the Netherlands, Sightcorp is an AI spin-off from the University of Amsterdam that develops patented proprietary AI Software solutions for mobile apps, including face detection (detect multiple faces in an image), emotion analysis, crowd demographics, and attention analytics. The main target markets of the company include retail, advertising, hospitality, and digital signage.</span></p><p><span>In January 2022, Sightcorp was </span><a href="https://sp-edge.com/updates/7828?industryIds=16"><span>acquired by Raydiant </span></a><span>, a provider of an in-location experience management platform, to jointly develop solutions for personalized on-screen, in-location experiences targeting retailers, restaurants, etc. Sightcorp expects to open offices in Lithuania and London in 2022 and to grow its European team from 20 to 100. Raydiant is also hiring across the US and internationally to accompany Sightcorp’s new offices.</span></p>

Sightcorp

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    Okaya offers a mobile app that aims to understand users&rsquo; wellbeing by using a combination of facial recognition technology, biometrics analysis (such as heart rate, weight, etc.), and machine learning. Okaya&rsquo;s facial recognition algorithm, developed in-house, analyses facial features obtained from a 15-second video recording where up to 30 frames are captured in a second. This data is evaluated along with other biometrics to determine a person&rsquo;s level of fatigue. The product claims to help create strong work teams and a robust work environment allowing the identification of areas where improvement is required.
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Okaya

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    Facetec offers a 3D face authentication software called ZoOm capable of high-performance liveness detection (verification of whether facial features captured are from a living subject). The software can work on smart mobile devices and webcams. The company also has patented technology to generate a 3D face map using a video selfie recorded even with a 2D camera. In September 2019, Facetec improved its product by embedding an age-estimation tool. Even though selfie-based authentication has become commonplace, many of them uses 2D facial mapping which makes it are vulnerable to spoofing attacks (trying to obtain access illegitimately by reproducing a person's face using images, masks, mannequins etc.) due to use of 2D mapping of facial features. FaceTec's technology is superior to others as it allows to create a 3D map of the face even with a normal 2D camera. While most other 3D face mapping requires designated hardware components, FaceTec's technology eliminates this requirement. Hence, it does not require app developers to rely on device manufacturers to incorporate additional hardware to use ZoOm. The company claims its product is one of the few companies to be certified in level 1 and 2 in iBeta Presentation Attack Detection (PAD) testing directed by an ISO standard. The software can detect digital and physical 'spoof artifacts' such as high-resolution photos and videos, masks and mannequins. FaceTec has over 100 customers across various verticals with an installed base of over 10 billion smart devices. ZoOm targets a wide range of markets ranging from banking, e-commerce, healthcare, insurance, e-voting, attendance, and government. Majority of FaceTec's customers are currently government and financial institutions.
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FaceTec, Inc.

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    FaceFirst offers facial recognition solutions mainly for access control as well as for identity authentication and real-time security. It focuses on retailers, airports, casinos, banks, as well as music and gaming events. The company also offers a mobile app (for iOS and Android) for facial recognition on the go. FaceFirst&rsquo;s facial recognition tool is mainly aimed at the retail segment, which accounts for around 50% of its business. FaceFirst&rsquo;s patented retail security platform can identify any known shoplifters or forbidden employees attempting to enter the store. Its products can be integrated with existing retail systems. 
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    The company also introduced Mask-ID in November 2018, which instantly blurs identified faces without compromising accuracy. Additionally, the retail security platform allows its users to access the company&rsquo;s database of retail criminals, enabling them to include any individuals banned by the company itself. FaceFirst is one of the companies to work with lawmakers to help regulate the industry.
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FaceFirst

Companies that are developing facial recognition technology to suggest tags for photos uploaded on the platform, typically social media.

Companies that provide facial recognition technology for contactless and fast-payment gateways.

Companies providing tools to identify VIP customers and repeat customers by using facial recognition.

Companies that provide technology to monitor physical access to offices, retail stores, and residences as well as access to electronic devices, such as mobile phones and laptops, using facial recognition.

Companies providing facial recognition technology to identify people from live and recorded videos.

Companies that provide facial recognition technology to police and government agencies to identify criminals, protestors, unauthorized overstayers in the country, and departing passengers.

Facial recognition is a type of biometrics used to verify individuals

Used in smart city applications for access control

Facial recognition technology is built on ML models for training data

PROMINENT_CATEGORY

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 <p>The Federal Trade Commission (FTC) has rejected the suggestion of using facial age estimation technology to gather parental consent for children's data collection. This proposition was primarily forwarded by organizations like the Entertainment Software Rating Board (ESRB), SuperAwesome, and Yoti.</p>

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Yoti

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