Corsight AI raises US $5 million from Canadian fund Awz Ventures

Scored 99.65% accuracy when testing facial recognition without masks, underscoring Corsight’s leading ability to accurately identify individuals and the use of facial recognition as a force for good

Toronto, Canada -  April 20, 2020

Corsight AI has developed real-time facial recognition technology that can help overcome challenges presented by the novel coronavirus (COVID-19). This includes recognizing faces concealed by facial protective measures (face masks, protective goggles and plastic face shields), along with identifying individuals within population centers and contending with facial coverings and disguises, poor lighting, long distance identification, difficult angles and more.

Corsight AI, developer of a real-time facial recognition platform, is pleased to announce that it has successfully raised US $5 million. The capital was raised from Awz Ventures, a Canadian venture fund that specializes in intelligence and security technologies.

The Company offers facial recognition technology capable of identifying individuals within population centers and contending with facial coverings and disguises, poor lighting, long distance identification, difficult angles and more. The capital raised will be used to market the platform and for continued development to help preserve the Company’s competitive edge.

The Company also offers a real-time facial recognition system able to process information captured on video cameras. This system affords greater accuracy and provides solutions to significant environmental challenges, including difficulties resulting from the COVID-19 pandemic where a large portion of the world’s population is moving about with their faces partially covered. Such covering of certain facial features hampers the ability of governments and organizations to identify their citizens or members, when necessary. The Company has developed the capacity to recognize faces, even if they are hidden by face masks, protective goggles and plastic face shields, used together to cover an entire face, as is common among medical staff treating COVID-19 patients.

The technology can be used in any number of scenarios that include issuing facial recognition alerts of people who are in violation of quarantine and have gone outside to public areas and population centers while covering their faces with masks. When detecting a COVID-19 patient in a public area, the technology can also help to identify potential transmission by sifting through the people who had been near to the sick individual, by time period and distance.

The technology is also helpful to the civil sector as organizations can use facial recognition as an alternative to keypads and card readers, devices known to facilitate virus transmission. Doors and gates can be opened, even if a person’s face is covered, without requiring any physical contact or removing protective measures. In addition, if a person is found to have COVID-19 within an organization, the system can, in a matter of seconds, produce a report of the people who were near the sick individual and need to be quarantined. This solution replaces the need to close down entire departments because it is unknown who came close to the patient and who kept their distance.

The Company has permanent systems installed in European airports and hospitals, “smart” Asian cities, South American police departments and border crossings, and in African mines and banks.

Corsight AI is a subsidiary of the Cortica Group, which develops autonomous artificial intelligence technology capable of unmoderated learning. Cortica establishes AI companies and forms partnerships in a variety of fields, all of which employ Cortica’s technology. These include companies in areas such as the automotive industry (Cartica AI), automatic baggage security (SeeTrue), FinTech (Fintica) and more. Cortica was established in 2007 and has raised over $70 million to date. The Group’s employees work out of offices in Tel Aviv, Geneva, New York and Haifa, and its intellectual property portfolio boasts over 250 patents.

Corsight AI was established near the end of 2019 by Cortica founders, Igal Raichelgauz, Karina Odinaev and Prof. Joshua Zeevi. The Company employs 15 employees in offices in Tel Aviv and the USA.

“Cortica is pleased to launch its new subsidiary – Corsight AI” said Igal Raichelgauz, chairman and a Cortica founder. “As a world leader in visual recognition and search, Cortica focuses on verticals that have real needs and highly competitive markets. We then proceed to develop pertinent solutions that leverage our substantial technological advantages in terms of accuracy, cost and scalability. In these days of a global pandemic, the facial recognition world is especially fascinating and challenging, and Corsight AI is providing the ultimate response. In such times, we are delighted to be collaborating with a leading strategic partner in the security sector, Awz Ventures.”

Yaron Ashkenazi, Managing Partner and Founder of Awz Ventures mentioned: “Awz is proud to invest in Corsight AI, developer of one of the world’s most advanced AI-based facial recognition technologies. Corsight AI’s unique solutions allow law enforcement agencies, government bodies and civilian organizations to contend with safety and security threats, including those posed by the global COVID-19 pandemic. Together with Corsight’s talented and experienced management and team, we believe that the Company will contribute greatly to enhancing worldwide safety.”

Corsight AI was represented in this transaction by the law firms of Shibolet & Co., and Awz Ventures was represented by Koren – Grodberg & Co. Law Offices.

Facial recognition under heavy darkness

Facial recognition with a mask

Facial recognition of world leaders from challenging angles

Face recognition capabilities with face mask and plastic face shields

About Awz Ventures:

Established in 2016 by Managing Partner, Yaron Ashkenazi, a former Israel Security Agency (ISA) officer, Awz is a Canadian hub for investment in cyber security, intelligence and physical security AI-based technologies from Israel, a global leader in these sectors. Awz manages US $115M between its first two venture capital funds, having made early stage investments in 17 companies to date.

Alongside Mr. Ashkenazi, Awz is led by Advisory Committee President, the Rt. Hon. Stephen J. Harper, the 22nd Prime Minister of Canada, and Founder & Board Chair, Mr. Ed Sonshine. Awz management and advisors also include former senior executives from Israeli and Canadian agencies (Mossad, ISA, CSIS, CAF), and global business and venture capital experts.

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