AlgoFace, a a B2B & B2G Ethical Face AI Enablement Engine that leverages Edge AI to create private, accurate, and ethical Applied AI solutions, announced today that it had entered a hypergrowth phase in which the company expects to expand at a compounded annual growth rate (CAGR) of at least 40%.
CAREFREE, Ariz., Oct. 6, 2022 /PRNewswire-PRWeb/ -- AlgoFace's Face AI enablement engine, utilizes advances in computer vision and edge computing to power customer's Face AI ambitions. The company's 2D and 3D facial analysis detects and tracks facial landmarks with accuracy and speed in determining a person's features, expressions, eye gaze, head pose and mouth-to-eye ratio. The $13.6B computer vision market is projected to grow at a CAGR of 25.5% reaching $33.7 billion by 2026.
Key Hires
In fueling the company's expansion, it has hired two heavy weights from the Arizona tech community who will be major contributors in accelerating AlgoFace's growth. Randy Gustafson has joined the company as Vice President of Partnerships, Innovation and Government. Prior to joining AlgoFace, Randy was a key member of the Innovation Team at the Arizona Commerce Authority (ACA) and was involved in numerous financial and technical assistance programs serving over 1,600 technology and science-based startups comprising Arizona's entrepreneurial community. His primary focus over the last several years at the ACA included the creation and management of the corporate venture development initiative which was designed to involve larger corporations within the growing startup community. Joining Randy is Intel veteran Tom Lasiter, who was named Vice President of FaceTrace.ai leading the go-to-market strategy for AlgoFace's Face AI Enablement Engine. Tom spent close to 20 years at Intel working with Global 5000 companies leading strategy, architecture, innovation and business acceleration for real world deployment of industry impacting technology solutions.
"The additions of Randy and Tom to our team are essential to our growth strategy. Both of them have deep roots in the Arizona tech community and beyond helping Fortune 5000 and startup corporations gain exposure to innovative technologies that fill corporate innovation gaps," stated Andrew Bart, CEO & Cofounder of AlgoFace.
Milestones
In the first quarter of 2022, AlgoFace sold 2.5X its entire six figure revenue produced in all of 2021, officially positioning the company in hypergrowth mode. The company has grown from 14 team members to 30 team members. The company continues to onboard new clients from a variety of industries and counts a Fortune 50 company as a client.
AlgoFace was named as a finalist for the 2022 Governor's Celebration of Innovation Awards https://www.algoface.ai/az-governor-awards/ Recently, AlgoFace was asked by the National Science Foundation to submit a Phase I proposal for the highly competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The programs were created to encourage domestic small businesses to engage in federal research and development for potential commercialization.
Funding
To date, AlgoFace has raised over $1.6 million toward its seed round to further deliver upon its aggressive growth plans. Investors participating in the current funding round are local groups including Arizona Tech Investors (ATI) and Canyon Angels, two of the state's largest and most prominent investing groups, both of which are committed to supporting the capital needs of early stage, high growth companies based in Arizona. Other investors include San Francisco based Band of Angels which is the oldest and first high tech angel investment group in the U.S. with over 165 formal angel investors, the group invests in approximately 20 startups per year.
"We have been fortunate to have strong investor interest, commitment, and support. We view our recent investments as a sign of investor's confidence in our company, technology, and execution. Revenue-funded growth and capital efficiency are staples of our hypergrowth plan. We are discovering new use cases daily for face AI enablement in which facial analysis and landmark tracking are becoming an important part of a company's — domestic and global — growing technology needs," stated Andrew Bart.
About AlgoFace
AlgoFace is a B2B & B2G Ethical Face AI Enablement Engine that leverages Edge AI to create private, accurate, and ethical Applied AI solutions. Via enterprise venture client, commercial, and government relationships, our enablement engine powers trusted, responsible Face AI. Our technology fosters accurate facial landmark tracking, face analysis, eye gaze estimation, data labeling and annotation tools, synthetic data generation and deep fake detection with privacy and inclusivity at the forefront. Our Face AI enablement engine can be used to develop 2D and 3D Face AI solutions across mobile, desktop, embedded systems, AR/VR, the Metaverse and Web 3.0. For more information on the company, please access: http://www.AlgoFace.ai
Media Contact
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SOURCE AlgoFace
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