U.S. private equity firm General Atlantic LLC and SoftBank Group Corp invests $107 million in Brazilian facial recognition startup Acesso Digital

In a statement Brazil’s facial biometrics and digital admission startup Acesso Digital said, Japan’s SoftBank Group Corp and U.S. private equity firm General Atlantic LLC are leading a $107.25 million (580 million reais) funding round.

Following the investment, both, General Atlantic and SoftBank, will hold a minority stake in Acesso Digital.

Founded in 2007, Acesso Digital’s first funding around was in January 2020 where it raised 40 million reais with Igah Venture.

In an interview, Acesso Digital’s founder and CEO Diego Martins said, demand for its services is gaining traction and has doubled since the beginning of the Coronavirus pandemic which has increased the usage of contactless identification, as a means to mitigate the spread of COVID-19, the disease caused by the Wuhan Coronavirus.

In a statement Martins said, Acesso Digital will use the proceeds to expand the business, including via acquisitions.

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