AI: PXL Vision secures CHF 4.6 million seed funding
Zurich — ETH spin-off PXL Vision has developed an artificial intelligence-based software platform for the secure and automated verification of identities. Now the company is receiving CHF 4.6 million in a seed financing round to expand its technology and grow internationally. The financing round was led by SIX Fintech Ventures, with other investors including ZKB, High-Tech Gründerfonds, Arab Bank and experienced business angels Beat Schillig and David Studer.
Every year, billions of personal data records are stolen and often used for fraudulent purposes. Trust in digital interactions is therefore central, and more and more companies are moving to identify their customers beyond doubt. To do this, they need digital solutions that are secure, cost-effective, easy to manage, and comply with regulatory requirements.
Flexible identity verification in real time
PXL Vision has developed a digital KYC verification platform that is particularly modular compared to the competition and can therefore be used very flexibly by business customers. The platform uses Artificial Intelligence to authenticate an identity document via the smartphone camera with minimal user interaction and verify the user’s identity via a liveness check and facial match with a video selfie. In addition to SwissID, the leading Swiss identity provider, major companies such as Sunrise, Salt, UPC and ZKB also rely on PXL Vision’s technology.
There are many areas of application for these companies: From taking out a cell phone subscription online, regardless of location, to opening bank accounts electronically in just a few minutes, such as with ZKB’s Frankly app for saving for retirement.
Growth financing completed
Since its foundation three years ago, PXL Vision has established itself in the Swiss market. The team size has grown from four to over forty members and important entrepreneurial awards such as the Swiss Economic Award 2019, the W.A. De Vigier Award 2019 and the Swisscom Startup Challenge Award 2019 have been won. The company also successfully completed both the SAP.iO and F10 Fintech Incubator & Accelerator programs.
“Having proven that we can compete against large and established players in a very competitive market, it is now time to expand beyond the country’s borders,” said PXL Vision CEO Michael Born (photo: 2nd from left), who founded the company in 2017 together with Nevena Shamoska (photo: 1st from left), Roxana Porada (photo: 4th from left), Lucas Sommer and Karim Nemr (photo: 3rd from left). The interdisciplinary and experienced management team had already worked together for several years at Dacuda AG and had successfully sold Dacuda assets to Florida-based Magic Leap before founding PXL Vision in March 2017.
Andreas Iten, Head of SIX Fintech Ventures, who will support PXL Vision as a board member in the upcoming growth phase.
Access to growth capital will enable PXL Vision to further expand its product portfolio and enter new markets and industries. The funding is expected to move PXL Vision forward quickly. “We are investing primarily in the intelligence and scalability of our technology, as well as in building the business internationally. We will substantially expand the sales, marketing and development teams to further drive growth,” said Karim Nemr, PXL Vision’s chief business officer.
About PXL Vision
PXL Vision AG is a Swiss high-tech spin-off of the Swiss Federal Institute of Technology (ETH). PXL Vision provides leading solutions for automating and improving identity verification and customer onboarding through automated software solutions based on the latest developments in computer vision and machine learning. PXL is headquartered in Zurich, Switzerland, and has R&D centers in Novi Sad, Serbia, and Yerevan, Armenia.
About High-Tech Gründerfonds
The seed investor High-Tech Gründerfonds (HTGF) finances technology start-ups with growth potential. With a volume of around EUR 900 million spread across three funds and an international partner network, HTGF has supported almost 600 start-ups since 2005. His team of experienced investment managers and start-up experts supports the young companies with know-how, entrepreneurial spirit and passion. The focus is on high-tech start-ups from the fields of digital business models, industrial tech, life sciences, chemistry and related business areas.
More than EUR 2.4 billion in capital has been invested in the HTGF portfolio by external investors in more than 1,500 follow-on financing rounds to date. In addition, the fund has already successfully sold shares in more than 100 companies. Investors in the public-private partnership include the German Federal Ministry for Economic Affairs and Energy, KfW Capital, the Fraunhofer-Gesellschaft and the 32 companies.