Russian Direct Investment Fund, MidEast Funds Invest $13Mln in Facial Recognition Firm
NIZHNY NOVGOROD, Russia, September 23 (Sputnik) - The Russian Direct Investment Fund (RDIF) and leading sovereign wealth funds of the Middle Eastern countries have invested over 1 billion rubles ($13.1 million) in Russia's NtechLab, the world expert in the facial recognition segment, a Sputnik correspondent reported from the Digital Industry of Industrial Russia conference, where the announcement was made.
NtechLab plans to allocate the funds for developing new computer vision products. In particular, the company plans to work on the development of automatic detection of aggressive human actions, as well as vehicle recognition, which can be used for tracking household waste transportation and compliance with processing rules.
The investments will also allow the company to expand the technology and product line, which will contribute to the company's active expansion into key markets in the Middle East, Southeast Asia and Latin America.
NtechLab's client network includes more than 30 high-profile clients in 15 countries in various regions, including the Commonwealth of Independent States, the Middle East, Latin America, Southeast Asia and Europe.