XRVision, a facial recognition and video analytics startup in Singapore, has received an undisclosed sum in funding from Luxembourg-based early-stage technology fund Boundary Holding.

The startup will use the capital to expand into new markets. Boundary Holding, on the other hand, aims to leverage XRVision’s growing market potential and the high growth of facial recognition and video content analytics market.

The startup has previously secured funding from NUS and TNF Ventures.

Founded in 2015 by Guy Ron (who previously headed large groups at Microsoft, Intel and Avaya) and Yaacov Apelbaum, XRVision aims to solve security challenges that governments and enterprises face, including performing video analytics in-motion in uncontrolled, crowded environments, and securing large volumes of stationary and movable assets and people via real-time connected IoT intelligent solutions.

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XRVision has clients in Singapore and many other countries like Taiwan, Israel, the US, the UK, and Thailand.

“We value the potential of XRVision’s AI-based technology in recognising faces, whilst extracting actionable data to maintain public order, and its ability to expand into various industries to assure safety,” said Boundary Holding’s Founder Rajat Khare, who has joined the Board of the startup as part of the deal.

Founded by Khare, Boundary Holding invests in early-stage/seed-stage startups across, IoT, algorithmic trading, Artificial Intelligence and Big data analytics. The fund has a network of startup programmes around the world and over US$200 million in committed capital across different organisations.