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Contxto – Acesso Digital is a São Paulo-based startup that develops facial recognition technology. And things had been running smoothly for the startup since its founding back in 2007.
But it’s shaking things up because the startup recently raised a R$40 million (about US$9.5 million) investment with e.Bricks Ventures.
How the funds will be used isn’t entirely explicit, but nonetheless the money-raising is interesting in itself.
According to Paulo Alencastro, the startup’s co-founder, the money will be used to “invest in new services, in marketing, and in strengthening the leadership team.”
I’m no mind reader, but it sounds like some serious headhunting will be carried out in the next couple of weeks.
Related article: Surprise! Mexico’s DILA Capital revealed as lead in Incode’s, an identity recognition startup, US$10 million investment round
Pivoting towards facial recognition
Acesso Digital began as a Software as a Service (SaaS) business for managing documents in 2007. But the Brazilian startup made a critical pivot towards facial recognition technology in 2016.
Being the early bird likely gave it a competitive edge to develop its products for validating a person’s identity.
Specifically, its facial recognition technology is useful for controlling access to different areas within a physical space, such as a bank. It’s also practical for HR, as it controls who comes and goes on time within a company.
But perhaps Acesso Digital’s strongest selling point is in the digital application of its solutions. This is so considering that facial recognition technology is increasingly used to mitigate risk for fraud and identity theft. Especially for e-commerce sites and fintech apps.
The startup is also pushing for paperless document signing via an API for businesses. Or, if a company wants to avoid the programming process they can access the application on their internet browser.
The startup reportedly has over 400 customers in its portfolio and grew at a rate of 300 percent between 2016 and 2019.
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