Updata Partners provides growth equity and growth experience to the next generation of technology market leaders.  Led by an investment team averaging more than 25 years of experience in the technology industries, Updata works with growth stage companies where the combination of our financial backing and our partners’ operating expertise will dramatically accelerate success. As former executives and entrepreneurs, Updata’s General Partners collaborate with management teams to build companies that stand out in their markets. With more than $1 billion of committed capital since inception, Updata has provided growth equity funding to over 40 leading technology companies.

Updata Partners

Shufti Pro

Shufti Pro is a SaaS company providing fully automated KYC and AML solutions like KYC to verify the end-users of a business, KYB to verify business, AML to perform background checks but this all can be achieved using one single API so our solution is easy enough for any business to integrate with their existing system using a simple to implement RESTful API. The company offers a multi-layered risk cover against digital identity fraud, money laundering and terrorist financing.   Know Your Customer (KYC) Services include face verification, document verification, Video-interview KYCm, address verification, 2-factor authentication, consent verification, and Biometric Sign-in through facial recognition. All the verifications are performed in less than 30 seconds and the services are available in 230+ countries and territories supporting 150+ languages. Moreover, Shufti Pro performs AML screening of individuals and businesses against 1700+ watchlists leaving no room for fin crime.  Shufti Pro offers hybrid solution as well that uses a combination of artificial intelligence and human intelligence to enable automated identity verification in a seamless manner. It deployed 900+ business models to develop enhanced AI for highly efficient identity verification results achieving the accuracy of 98.67% Shufti Pro is the only one in this space who not only provides SaaS solutions but also an on-premises solution to some large enterprises in the world including payment gateways and banks, where their data is stored only on their own servers and no data is sent to the internet or any other party whatsoever.

<div>Shufti Pro, a global identity verification platform based in the UK, offers real-time identity verification services. It helps businesses comply with KYC, KYB, and AML regulations. The company&rsquo;s offerings include e-IDV, which verifies customers remotely with the use of centralized e-IDs checked against official government databases; Identity Verification with AI-driven identity verification solutions that surpass traditional KYC and AML checks to boost conversations; New Account Opening; Customer Onboarding; Age Verification; Fraud Prevention; and Case Management. In addition, it provides AML screening services.</div>

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

Facial Recognition

Shufti Pro: A Game-Changer in Identity Verification Technology

<div>
 
 Shufti Pro, a global identity verification platform based in the UK, offers real-time identity verification services. It helps businesses comply with KYC, KYB, and AML regulations. The company&rsquo;s offerings include e-IDV, which verifies customers remotely with the use of centralized e-IDs checked against official government databases; Identity Verification with AI-driven identity verification solutions that surpass traditional KYC and AML checks to boost conversations; New Account Opening; Customer Onboarding; Age Verification; Fraud Prevention; and Case Management. In addition, it provides AML screening services.
 
 
 
 
 Shufti Pro, which operates on a B2B sales model, has offices in Sweden, the US, Cyprus, Dubai, Hong Kong and Singapore. Its IDV Suite for businesses includes Data Retention, Single Sign On (SSO), Duplicate Account Detection, AML Bulk Processing, and IFRAME Design.
 
 
 
 
 Key customers and partnerships
 
 
 Shufti Pro partnered with Action Monkey and Xponent in October 2022 to offer secure customer onboarding. Meanwhile, it serves a customer base of over 1,000 enterprises and SMEs across the banking, fintech, crypto, forex, gaming, insurance, education, telecommunications, healthcare, travel, and ecommerce industries
 
 
 in 20 countries and territories, supporting over 150 languages. Zurich, BFC Bank, Baraka, Rakuten, Gemon, and Vantage FX are some of its customers.
 
 
 
 
 Funding and Financials
 
 
 Shufti Pro conducted its latest funding round in March 2022 and raised USD 20 million through a Series A round led by Updata Partners. The funds raised were used to accelerate the company&rsquo;s expansion by providing additional resources to push its automated solution to new markets, enhance its IDV solutions, and extend the company&rsquo;s compliance suite.
 
 
 
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<div>
 
 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.
 
 
 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,
 </a>
 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
 <a href="https://sp-edge.com/updates/10796?industryIds=16">
 office in the UK
 </a>
 to serve Europe, the Middle East, and Africa (EMEA) regions.
 
 
 Funding and financials
 
 
 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

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.In January 2022, Sightcorp was <a href="https://sp-edge.com/updates/7828?industryIds=16">acquired by Raydiant </a>, 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.

Sightcorp

<div>
 
 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

<div>
 
 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.

<div>
 
 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. 
 
 
 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

Shufti Pro

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