South Korean technology company Hancom has announced a strategic investment in FacePhi, a Spanish artificial intelligence (AI) biometric firm. The investment agreement was signed in Barcelona, Spain, with the CEOs of both companies in attendance. This agreement allows Hancom to make equity investments in FacePhi and secure exclusive business rights to FacePhi’s technology in the Asia Pacific (APAC) region.
FacePhi is a company that specializes in AI-based biometric technologies, including facial, fingerprint, pupil, and voice recognition. It operates primarily in Europe and Latin America and has gained recognition for its excellent technology. Notably, FacePhi has developed a passive method for facial recognition, which authenticates identity using a single frontal facial image. This anti-spoofing functionality is considered a crucial feature in facial recognition technology.
In 2022, FacePhi received i-Beta Level 2 certification from the National Institute of Standards and Technology (NIST), demonstrating its high anti-spoofing performance. With only nine companies worldwide holding this certification, FacePhi’s technology is recognized as world-class. The investment from Hancom will make it the second-largest shareholder in FacePhi.
Hancom plans to leverage this investment to strengthen its position in the global AI market. It intends to sell FacePhi’s solutions under the Hancom brand in the APAC region, using the investment as a bridgehead for expansion. Hancom sees the investment as an opportunity for collaboration and aims to discover new and improved services by combining FacePhi’s multi-recognition biometric technology with its existing AI capabilities and security technology.
Hancom’s CEO, Yeon-soo Kim, expressed optimism about the investment, stating, “Through this investment, we will be able to expand Hancom’s AI business area and we expect to expand overseas sales by supplying Hancom-branded FacePhi solutions to the entire Asia-Pacific region in the future.”
The global digital authentication solution market is experiencing significant growth, with an average annual growth rate of 12%. As security levels are strengthened, there is a shift from traditional fingerprint recognition to facial recognition technology. Additionally, the adoption of passive methods to prevent forgery, in response to deepfake technology, is expected to increase.
This strategic investment between Hancom and FacePhi reflects the growing importance of AI-based biometric technologies and the desire to strengthen market positions. With Hancom’s financial backing and FacePhi’s innovative solutions, both companies are poised to make significant strides in the global AI market.
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