Israel’s leading technology startup, Mri, has raised $10 million in a Series A funding round led by Israel’s Ministry of Economic Development and Industry.
The $10.2 million round was led by Israeli venture capital firm Vaid Capital, as well as SoftBank Group Corp.’s SoftBank, and the Israeli government.
Mri’s first product, a free-software-based face recognition software for smartphones, is already available in a limited market.
The software is also available for use on the Israeli army’s mobile operating system, mobile cameras, and other products, as Mri has launched a crowdfunding campaign to bring the product to market.
MRI said it had raised $3.6 million from investors including Israel’s largest tech venture capital firms, and had raised another $5.4 million through partnerships.
“The software was designed to be able to provide a service that’s currently lacking in the field of facial recognition software,” said Mri CEO Yossi Sivan.
“In our view, it is one of the most important tools in the market.”
Mri uses artificial intelligence (AI) technology to automatically recognize faces from photos of people.
The technology is designed to detect people’s emotions, moods, and even their age, and can identify a person’s ethnicity or gender, among other things.
In addition to its face recognition feature, MRI also offers a variety of software tools, including a photo recognition program, a software development kit, and more.
The company was founded in 2012 by former MIT graduate student Aviv Cohen, who said it would “be a major step forward for Israel.”
He and Mri founder and CEO, Yoav Ben-Ari, also founded a startup called Facetime, which was acquired by Facebook for $1 billion in 2013.
Cohen was named CEO of Mri last year.
Mribin Avraham, CEO of SoftBank Investment Fund, said the investment was a “great first step” for Mri and for Israel.
Mobi, which has raised more than $2 billion from venture capital investors, plans to roll out its software in the coming months.