Pangiam announced that it has acquired Trueface. Terms of the transaction were not disclosed.
This is the second acquisition completed by Pangiam since being formed by AE Industrial Partners, LP (“AEI”) through the combination of Linkware, LLC and PRE, LLC in October 2020. In March, Pangiam acquired veriScan, an integrated biometric facial recognition system for airports and airlines, from the Metropolitan Washington Airports Authority.
Trueface, founded in 2013 by Shaun Moore and Nezare Chafni, provides computer vision solutions to customers in a wide range of industries. The company’s facial recognition technology recently achieved a top three ranking among western vendors in the National Institute of Standards and Technology (NIST) 1:N Face Recognition Vendor Test.
Trueface applies its patent-protected solutions to solve issues such as frictionless access control, contactless elevated temperature checks, social distancing and PPE compliance monitoring. The company has a robust sales pipeline and has entrenched positions with clients in over 13 countries.
The acquisition of Trueface will aid Pangiam in achieving its mission to provide a safer, faster, and more personalized travel experience for all. Trueface will add an additional capability to Pangiam’s existing technologies, creating a comprehensive and seamless solution to satisfy the needs of both federal and commercial enterprises. Messrs. Moore and Chafni will serve in key leadership positions within Pangiam and continue to lead the growth of Trueface.
“We are excited to welcome Trueface to the Pangiam family. Shaun and Nezare are pioneering thought leaders whose advances in computer vision have the potential to drive innovation in identity management, data labeling and biometrics,” said Pangiam CEO Kevin McAleenan.
“We are thrilled to join the talented team at Pangiam who share our core values to provide equitable benefit to all through computer vision technology. The complimentary technologies that Pangiam has assembled will enable the Trueface team to execute more quickly and fully realize the opportunity of its technologies like facial recognition,” said Mr. Moore, CEO of Trueface.
“Adding Trueface’s technology solutions to Pangiam’s offerings comes at a perfect time, as travel is poised to continue to rebound and passengers want reassurances that the highest health and safety protocols are being followed,” said Kirk Konert, a Partner at AEI. “AEI is pleased to back Pangiam’s second acquisition this year as we continue to support the company’s momentum.”