Biometrics specialist Ipsidy Inc (OTCQX:IDTY) is entering a new partnership with Ayonix Face Technologies, a developer of 3D facial recognition technology, to create the next wave of biometric identity technology using IP cameras commonly used for surveillance.
If you attend a public event, you’re likely to not want to wait on line to be screened for security clearance and it’s a chore to show ID at the door.
In their new collaboration, Ipsidy and Ayonix are looking to make this sort of high-tech security more unobtrusive and less cumbersome.
Ipsidy’s Access solution, a mobile biometric tracking system, will adopt the high-speed performance and novel detection capabilities of Ayonix’s 3D facial recognition technology.
Drilling down to the details, Access by Ipsidy, enhanced with Ayonix’s FaceID Software, filters facial images extracted from IP cameras and video feeds and rapidly matches them to stored images.
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The system can be introduced with existing IP-based camera systems, which are already in place at a facility, to identify and classify people who are approaching a security checkpoint or moving around a building or a public event.
“Ipsidy is pleased to partner with Ayonix to add the edge device detection capabilities of their 3D facial recognition software to our Access solution,” said Ipsidy CEO Philip Beck in a statement. “Together, we are creating the next generation of frictionless, biometric access management products.”
When an enrolled user is identified at an event or a checkpoint, Ipsidy’s Access notifies site attendants and security workers via its mobile Concierge app. So, authorized visitors can be welcomed by name and “waved” through following a biometric check.
Security personnel and site attendants also receive immediate notifications when people who do not have the requisite credentials or who are on a watch list attempt to access a location.
Ipsidy’s Concierge app provides real-time monitoring of security transactions and alerts, all from the convenience of a tablet device.
As part of its new tie-up with Ayonix, the Access platform will continuously match identities against customer-defined, ‘Authorized’, ‘Unknown’ and ‘Watch’ lists. There is no need to check IDs, swipe cards or fret about lost or stolen-access credentials. Building owners and occupants can enroll authorized users with a simple user interface and if needed, tenants or residents of a building can invite visitors and issue temporary guest passes using the Ipsidy Access mobile app.
The improved technology allows building owners and facility managers to transform existing IP camera security systems into “Biometric Access Identity Authentication” points, which offer a cost-effective upgrade to their security systems.
Indeed, the new system offers businesses, institutions, schools, hospitals and event venues a biometric access management portal that improves security operations, speeds up security checkpoint lines and is convenient.
The two companies are set to launch the new combined Access product in early 2019. Ipsidy and Ayonix will be presenting the new technology at the International Security Conference and Exposition on November 14-15 at the Javits Center in New York.
Third-quarter results in focus
The announcement of the new combined Access product came as Ipsidy reported third-quarter results.
The company’s revenue for the three months ended on September 30, came to $0.7 million, up from $0.6 million in the year-ago quarter. Over the nine months until the close of September, revenue amounted to $3.1 million, up sharply from $1.8 million in the same period last year.
The jump in sales stemmed from the successful completion of the supply of Search, the company’s automated fingerprint identification system and related services to the Zimbabwe Electoral Commission.
Ipsidy's net loss for the three and nine month periods came to $2.1 million and $7.4 million respectively, compared to a net loss of $2.1 million and $14.6 million for the same periods last year.
In addition to its new partnership with Ayonix, Ipsidy has added additional services to its platform including the verification of identity, a service requested by many financial institutions.
On its list of other recent achievements, was the initial launch of Access, which uses just a tablet and a Bluetooth beacon, to provide a biometric system to protect the perimeters of offices, events and residential buildings.
It also rolled out Verified in Panama with Datapro and Unibank. This biometric multi-factor authentication system was integrated into Datapro’s e-IBS core banking software and is available to all of the over 160 financial institutions in 31 countries who use Datapro’s hosted software.
“We have made tremendous strides over the last 18 months and are firmly on the road towards achieving our strategic objectives,” said Ipsidy CEO Beck in a statement. “Our recently announced implementations of both Access and Verified are, we believe, just the start and if things go according to plan, we look forward to announcing many more customer implementations and users accessing the system over the coming quarters, with corresponding revenue.”
Contact Ellen Kelleher at [email protected]