The State Corporation has acquired the control over NtechLab

“RT-Business Development” Holding, a part of the “Rostec” State Corporation, and NDF Investments Fund has purchased a share in NtechLab start-up, a company that is a Russian developer of a unique face recognition algorithm. The investment will be used for further development of the face recognition technology and its national and worldwide marketing.

The NtechLab algorithm has been acknowledged as the world’s fastest and most accurate technology for face recognition. It makes possible to recognize faces with up to 80 per cent accuracy within a database of up to half-a-billion samples. The accuracy of recognition within a couple thousand samples could be up to 99 per cent. A search for a person within 1 billion faces takes just about half a second. The main feature of the algorithm is its ability to recognize the emotional state, sex and age of a person searched.

“This is a strategic, long-term investment. The deal is completely complementary with the new strategy of the “Rostec” State Corporation, aimed to enter the fast growing consumer markets. We have made the proper analysis of the world market and can asset a company, having a technology like this, to be capitalized in the range of 1 billion dollars within the next five years”, - Director for Special Assignments of the “Rostec” State Corporation Vasiliy Brovko commented.

The “Rostec” State Corporation has purchased 12.5 per cent plus 1 share of the NtechLab. The NDF Investments Fund, controlled by the “Vardanyan, Broytman and Partners” Company has purchased 25 per cent plus 1 share of the NtechLab. The founders of NtechLab, who remain the major shareholders, will manage the operation of the company.