Zurich-based startup PXL Vision, whose AI-based software delivers secure and automated identity verification, has announced raising around €4.3 million to expand internationally. The financing round was led by SIX Fintech Ventures, with participation from ZKB, High-Tech Gründerfonds, Arab Bank and business angels Beat Schillig and David Studer.
Billions of personal datasets are stolen every year and are frequently used for fraudulent purposes. Trust in digital interactions is therefore crucial. More and more companies are now moving towards verifying their customers’ identities, and to do this, they need digital solutions that are secure, cost-effective, easy to use and compliant with regulatory requirements.
PXL Vision, founded in 2017, has developed a digital KYC (‘Know your customer’) verification platform that offers a great deal of flexibility to its business customers and is highly modular compared to competitor products. The platform uses artificial intelligence to verify an identity document in real-time via a smartphone camera, and to confirm the user’s identity via a liveness check and a face comparison with a video selfie, all with minimal user interaction.
Several large companies already rely on the startup’s technology, including SwissID (the leading Swiss identity provider), and Sunrise, Salt, UPC and ZKB. There are many application fields: from closing a mobile phone contract online, regardless of location, to opening bank accounts electronically within a few minutes, such as with ZKB’s Frankly app for pension savings.
Since its foundation three years ago, PXL Vision has established itself on the Swiss market, grown to 40 team members and been recognized with important entrepreneurial prizes such as the Swiss Economic Award 2019, the W.A. De Vigier Award 2019, and the Swisscom Startup Challenge Award 2019. With all this under their belt, they’re now looking to expand internationally: “Having demonstrated that we can compete against large and established suppliers in a very competitive market, it is now time to expand beyond national borders,” says PXL Vision CEO Michael Born.
“PXL Vision’s unique AI technology and innovation pipeline, its flexible and modular product portfolio and the impressive track record of its experienced management team convinced us. We fully expect PXL Vision to become one of the leading providers of digital identity solutions worldwide,” says Andreas Iten, Head of SIX Fintech Ventures, who will support PXL Vision in the coming growth phase as a member of the management board.