PXL Vision AG has concluded its pre-seed round with SIX FinTech Ventures to further fuel its growth agenda and product development, while strengthening SIX’s position in innovative sectors of the financial industry. Zurich-based start-up PXL Vision AG began as a spin-off from the ETH Zurich and offers solutions in the area of online user verification.
By participating in the round, SIX FinTech Ventures has added another key element of digitization to its portfolio, which will be of particular relevance to the Swiss financial center. PXL Vision AG’s Daego solution is a technology that enables seamless online verification of users’ identity with no media break. With this solution, companies can avoid complicated physical verification processes when onboarding customers, reduce costs and provide their customers with a seamless, positive experience. Daego thus allows the automatic creation and administration of secure digital identities.
“Together with PXL Vision AG, we can now not only support an already experienced start-up team, but also a technology that harbors huge potential and that encapsulates our vision of a digitized financial center,” explains Andreas Iten, Head SIX FinTech Ventures. “The acceptance of digitized business models and solutions is crucial for Switzerland as a financial center. PXL Vision AG’s Daego plays a key part in further increasing this acceptance.”
Karim Nemr, founder of PXL Vision AG: “We are pleased with SIX FinTech Venture’s participation and the trust it has placed in us. SIX FinTech Venture’s support and market access mean we are ideally positioned to advance the digitization of the financial center and to provide users with simpler and more secure access to financial services.”
PXL Vision AG successfully completed F10’s P2 program in May 2019, has won accolades such as the Swiss Economic Forum Award and already convinced many Swiss companies of the scalable technology that underpins Daego. SwissSign is also working with Daego for user verification as part of the SwissID.
Since its foundation, PXL Vision AG has successfully established itself on the Swiss market and is growing. Its current focus is on further penetrating the Swiss market and on taking its business global. Aside from lead investor SIX, other investors in this seven-figure pre-seed round include Zürcher Kantonalbank and a private business angel.
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SIX operates and develops infrastructure services in the Securities & Exchanges, Banking Services and Financial Information business units with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center. The company is owned by its users (127 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income in excess of CHF 1.9 billion and Group net profit of CHF 221.3 million in 2018.
PXL Vision AG is a Swiss high-tech spin-off of the Swiss Federal Institute of Technology (ETH). It was founded by former key employees of Dacuda AG, an award-winning computer vision company that sold its 3D division to Magic Leap at the beginning of 2017. PXL Vision provides leading solutions for bringing trust to digital interactions between businesses and individuals by enabling trusted digital identities.
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PXL Vision’s Daego® is a cross-platform software solution for secure, efficient identity verification and customer onboarding powered by the latest developments in computer vision and machine learning. PXL’s team of more than 25 dedicated software experts and industry professionals has a proven track record in deploying solutions to customers across multiple industries including telecommunication, financial services, travel & transportation and government. PXL is headquartered in Zurich, Switzerland, with R&D centers in Novi Sad, Serbia, and Yerevan, Armenia.