VisionLabs, the Russian biometrics company, has raised an undisclosed amount of funding from state-owned Russian bank Sberbank and Sistema VC.
Sberbank has taken a 25.07% stake in VisionLabs. The company, now headquartered in Amsterdam, will partner with the bank to build a biometric ID system – using face, voice, and retina identifiers – to be deployed with Sberbank’s customers following a series of pilots with the technology.
“The project team has achieved very impressive results and was able to not only create one of the best technologies in the world, but also a product and a solution that have proved themselves in practice and already occupy a large share of the banking biometrics market in Russia and the CIS,” said Lev Khasis, first deputy chairman of the executive board of Sberbank.
According to the announcement, VisionLabs will also use the funds to expand internationally, namely in Europe, the US, and Asia. Per the terms of the deal, there may be “future involvement of a potential international strategic investor” to make this a reality.
VisionLabs previously raised $5.5 million from Sistema VC last year.