RDIF completes investment in computer vision technology developer NtechLab
Moscow, September 23, 2020 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and leading sovereign wealth funds from the Middle East, have completed their investment of more than 1RUB billion in NtechLab, a global leader in computer vision systems based on artificial intelligence (AI) and neural networks.
The announcement was made today on the sidelines of the “Digital Industry of Industrial Russia” conference, taking place in Nizhny Novgorod on September 23-25.
Technologies developed by NtechLab enable highly accurate and fast recognition of faces, silhouettes and actions on video, as well as collecting analytical data. NtechLab will use the investment to develop new products utilizing computer vision. NtechLab plans to develop automatic detection of aggressive behavior as well as vehicle recognition, including for tracking the transportation of household waste and compliance with recycling procedures. NtechLab also plans to provide solutions for the entertainment industry as well as banks, trade centers and hospitality industry companies.
The investment by RDIF and partners will enable NtechLab to expand its technology and product range, supporting the company's active expansion in the key markets of the Middle East, Southeast Asia and Latin America.
In 2020, NtechLab technologies have been used in urban video surveillance systems in major cities to counter the spread of coronavirus infection. The NtechLab solution allows the user to monitor compliance with the quarantine regime, monitor large gatherings of people, and also implement access control with facial identification, despite the presence of a protective mask. NtechLab's customer network includes more than 30 large clients in 15 countries including in the CIS, Middle East, Latin America, Southeast Asia and Europe.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Supporting advanced AI-based technologies is one of RDIF’s priorities, and one of the fund’s core competencies. The technology developed by NtechLab has significant potential to be exported to foreign markets and has attracted strong interest abroad. The use of biometric recognition systems in everyday life, such as at public events, in the implementation of new banking products, as well as a number of other areas, can help to significantly increase levels of security, including during the fight against the novel coronavirus infection. This investment by RDIF and our partners will support the launch of new products by a Russian company in the global market.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB1.9 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at rdif.ru
NtechLab is a global leader in terms of speed and accuracy of recognizing faces, silhouettes and actions recorded on video. The company's biometric identification systems are used to ensure public safety in dozens of cities around the world. In addition, the company's products are in demand in corporate security, retail, finance, entertainment and hospitality industries. NtechLab's algorithms have repeatedly proven their technical superiority through representative international competitions. The company's products for facial recognition were actively used in several cities during the 2018 FIFA World Cup in Russia and contributed to the arrest of more than 100 persons on the federal wanted persons list.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133