South Korean company Hancom has forged a significant deal in Spain. The firm has announced a major investment in Spanish AI biometrics company FacePhi, securing exclusive business rights to its solutions in the Asia Pacific region. This strategic move is expected to strengthen Hancom’s global market position, enabling substantial growth in its AI segment.
Hancom’s Strategic Investment in FacePhi
Announced on the 25th, in a ceremony attended by Hancom’s CEO, Yeon-soo Kim, and FacePhi’s CEO, Javier Mira, Hancom will make equity investments in FacePhi. This investment will position Hancom as FacePhi’s second-largest shareholder. Known for its far-reaching AI-based biometric technologies, FacePhi will offer Hancom exclusive rights to its products within the APAC region.
FacePhi’s Technological Edge in Biometrics
FacePhi is renowned for its AI-based biometric technologies, such as face, fingerprint, pupil, and voice recognition. The company, applauded for its technology, has established a firm customer base within financial institutions in Korea, Europe, and Latin America. Notably, the company’s passive anti-spoofing technology, a next-generation technology, has earned the i-Beta Level 2 certification from the National Institute of Standards and Technology (NIST), a commendation awarded only to nine other global businesses. This recognition attests to FacePhi’s world-class technology status in facial recognition.
Boosting Hancom’s Global Position Through This Investment
With this astute investment, Hancom aims to solidify its global presence by selling FacePhi’s solutions under the Hancom brand in the Asia Pacific (APAC) region. Projections suggest that this strategic partnership will foster synergies, leading to the discovery of advanced services and businesses. Additionally, Hancom hopes to expand its AI business and anticipate a surge in overseas sales through supplying Hancom-branded FacePhi solutions to the wider Asia-Pacific region.
In conclusion, this bold investment in FacePhi allows Hancom to broaden its reach in the rapidly growing digital authentication solution market. The global market is set to average a growth rate of 12% annually, shifting from traditional fingerprint recognition technology towards facial recognition. This investment will undoubtedly give Hancom a veritable boost, and pave the way for a revolution in the sphere of artificial intelligence and biometrics.
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