Thanks for taking the time to talk to us Fredrik. It’s been a busy year for Precise, can you share an update on what you have been doing in the Algo business unit and what is happening across your global markets?
It certainly has been busy. What’s really apparent is that the biometrics industry over the last years has moved from being the “new technology in the block” to something that’s now expected for secure identification and authentication. Biometrics are increasingly being adopted for different use cases and it’s much more common for conversations to start with the question ‘I need biometrics, what is the best modality or system to choose for my use case?’ rather than ‘I need a good verification technology’. It is all about using the right biometric solution with its unique advantages of identifying an individual, not a token or a device, and then using that to its full advantage.
For example, with a number of phone makers in Asia showcasing the latest advancements in the use of fingerprint recognition technology, we’re seeing good progress in the mobile business space. Several new mobile devices featuring Precise’s algo have recently been launched with our sensor partners, e.g. we recently announced Vivo X80 Pro and the Vivo iQOO 10 Pro. Latency – the speed at which matching is done with your fingerprint – is really important as it significantly enhances customer experience and convenience. And that’s what we deliver with our world leading technology. Other exciting developments include for example, two finger matching which can be done much more conveniently with larger sensor areas which are now available on modern smartphones, providing a further layer of security. We’ve also been working with leading ODMs in the automotive industry and expect to see the first of our products featured in cars with fingerprint and facial recognition over the next few months. And then there is all our IoT activity in areas such as Smart Home Locks, e.g. from TP Link and various locks from Aqara, and of course in computers and tablet devices. The trend at the moment is very much around enabling a higher level of security here as well so that the computer cannot launch before identifying the user with their fingerprint until it has been successfully matched on a sensor connected to a secure chip.
What do you think the future holds for Algo and where do you think the growth opportunities are?
An interesting development is the increasing sophistication of AI and its use to create even better quality biometric solutions in the market. Using the latest advancements in areas such as deep learning can in turn enhance the quality of user experience and security. In terms of growth opportunities, there is naturally a strong uptick in regions and countries where there isn’t already an existing legacy system in place. It’s similar in some ways to the adoption of mobile infrastructure over the past 20 years with many areas simply skipping past fixed landline to go straight to 3/4/5G adoption. Today, if you need high security and good user convenience, you simply move directly to biometric solutions. The pandemic situation has made it even more evident that digital solutions are essential. Biometric solutions can really help here across the full spectrum of KYC, onboarding, enrolment and identity verification.
What is Precise’s vision for success around these opportunities?
Precise has been centred around Southern Sweden since it was established and our main R&D function is here in Lund. This is a huge advantage as it means we have access to an incredibly talented team here that can draw on all the software systems engineering expertise in the region. Surrounded by world leading companies like Ericsson and Sony and universities such as Lund University, there’s competence in areas such as image analysis, AI and deep learning, we have an incredible talent pool to draw from. Then we also have strong partnerships with companies like Egis (who recently invested in Precise through a directed issue) and Qualcomm, so we are in a great place to utilize our algorithm developments, and to use AI to deliver the best biometric solutions as well as possibly also other type of sensors requiring advanced algorithms