FacePhi has revealed it is receiving financial support from business investment body COFIDES to support the implementation of its facial recognition software in South Korea.
Spain-based COFIDES will provide EUR 200,000 to FacePhi through the Fund for Foreign Investment Operations for Small and Medium Enterprises (FONPYME). The company will contribute with an additional of EUR 100,000 to cover the workforce, rental, and promotional costs of its South Korea subsidiary.
Moreover, the project is related to Sustainable Development Goal (SDG) 9, to create sustainable industry, innovation, and infrastructure, through its promotion of fraud prevention and paperless technology.
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