Facetech Holdings Limited has received funding to continue its research and development on its next-generation facial recognition technology.
Chinese technology startup Facetech Holdings Limited has today said it has raised an undisclosed amount of further funding from venture capitalist firms and a startup conglomerate located in Hong Kong.
Facetech Holdings Limited is developing next-generation facial recognition technology, Facetech, that uses artificial intelligence and neural networks to identify faces obscured by personal protective equipment or other facial coverings.
"Our technology will feature temperature detection capabilities, which allows it to deny entry to individuals running a fever. This ensures a safe environment that prevents the transmission of a contagion," reported Shao Qigang, CEO at Facetech Holdings Limited.
Facetech Holdings Limited has plans for an intelligent city initiative where its technology will collect information from individuals, devices, and assets to analyze and optimize traffic, energy efficiency, information systems, and waste management. These intelligent cities will not only use facial recognition for surveillance purposes, but they will also leverage facial recognition for monitoring access to secure areas.
The company revealed that regulators across the region have been encouraging innovation in the facial recognition space. This has led to Facetech Holdings Limited's push to move forward and release its Facetech technology by early 2022.
Facetech Holdings Limited will deliver an ultra-accurate, end-to-end solution, refined for use in public access facilities such as retail stores, shopping malls, hospitals, schools, entertainment venues, and other environments where individuals need to be identified quickly and discreetly to ensure the safety of customers, staff and other visitors.