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On January 18, 2019, a domestic media outlet called “Kailuan†(WeChat official account: hlkaiba) reported that Face++ from Defiance Technology is set to go public in the first quarter of 2019.
Founded in 2011, Face++ has become a leading player in computer vision technology. The company provides core facial recognition and online authentication solutions used by major platforms such as Alipay, Toutiao, Didi, and Vivo smartphones.
Face++ started with early-stage funding from Lenovo Star Angel, followed by a $1 million Series A round led by Innovation Workshop in 2013. In 2015, it secured a $22 million Series B round led by Qiming Venture Capital and Innovation Workshop, along with investment from Foxconn Group.
At the end of October 2017, Face++ announced the completion of a $460 million Series C round, led by Guofeng Investment, with additional support from Ant Financial and Foxconn. This round was split into two parts, C1 and C2, and included new investors such as the China-Russia Strategic Investment Fund, Sunshine Insurance Group, and SK Group. Tenda Capital served as the exclusive financial advisor for this financing round.
According to the Kailuan report, Face++’s current valuation stands at $1.46 billion. In 2017, the company generated $90 million in revenue and became profitable. It is projected to reach $265 million in revenue in 2018, with over $50 million in profits. For 2019, the company expects to hit $500 million in revenue and more than $100 million in net profit.
The report also highlighted that the company’s revenue streams are divided into four main areas: smart security, FaceID, Face++, and smart real estate. Revenue from smart security has surged from 17% last year to 44%, and is expected to exceed 50% in the future. The primary customers in the security sector are government agencies. FaceID accounts for 35% of revenue, while Face++ and smart real estate each contribute 5-10%. (Yike)
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