XL Vision is a Swiss startup founded in 2017 that “prepares your business for the digital age”. In practice, that means they use AI technology to provide fully automated identity verification and customer onboarding solutions.
And they’re doing pretty well for themselves, with a romanian, Roxana Porada, at the helm of the Product Department.
“PXL offers a digital identity. We generally work B2B, but we also dabble in B2C from time to time. We offer users the possibility to scan their ID or passport, we extract data from it, take security measures to see if the document is authentic or not, and then we check to see if the person owning that document is the same as the person in the pictures. That means we do face recognition and detect whether the person is real or not” - Roxana Porada, CPO at PXL Vision
And PXL worked wonders from the beginning, starting on a roll with a lot of clients willing to automate their visual processes.
On top, the business didn’t take a hit because of COVid.
Their processes stood strong throughout the crisis, and they hope to continue to do so. In fact, Roxana claims that, although Switzerland was hit by the pandemic, the entire IT sector is still going strong.
So What About That Big Investment?
First, this is not PXL’s first rodeo. They have been a successful part of startup accelerators before, so they’re used to pitching and garnering investor attention.
But in this round, they expanded big-time, securing €4.3 million.
The investment was led by SIX Fintech Ventures, a risk capital fund, with participation from ZKB, High-Tech, Grunderfonds and Arab Bank.
With the raised capital, PXL Vision plans to use their AI-driven security to expand internationally, so keep a close eye on them. We expect to write more about them in the near future.
What Can We Expect From AI In The Near Future?
We usually take a dive into the field we’re writing news about.
So we figured - yeah, let’s talk about Artificial Intelligence.
But then we realized: “Man that’s such a huge topic, how are we ever going to cover this?”.
Ever since Google’s DeepMind beat one of the best Go players in the world, AI has been at the forefront of both our imaginations, and our businesses.
And there’s a lot to expect from AI.
Even if you’re not holding out for a full-on AGI revolution (which could be a long while from now), things like self-driving cars or even PXL’s automated security solutions can be fuel for dreams.
But what can we realistically expect from AI?
At least for the near future.
Analytics Insight looked into it and sketched some predictions:
- Machine learning will become mainstream, so we can expect processes and workflows to get better and better due to AI input
- AI-enabled Cybersecurity will gain prominence, which is not really a surprise considering the huge investment PXL got, and their plans for the future.
- More personalization in real-time, which fits right into the growth of eCommerce and the need for more personalization in that industry
And a few other, more minor stuff.
But these are trends, at least according to Analytics Insight.
And they do make sense if you take a look at the market, where investments are being made, and what sectors are growing.
Or do they?
What do you think?
What can we expect from AI in the near-future?