Nxt-ID, Inc. Announces Distribution Agreement With India's Voice of Big data for 3D FaceMatch Biometric Identification Systems
SHELTON, CT - October 29, 2013 (Investorideas.com biometrics/ defense stocks newswire) NXT-ID Inc. (OTCQB: NXTD) a biometrics company focused on the growing m-commerce market and its wholly owned subsidiary, 3D-ID, LLC, today announced an agreement with Indian/U.S.technology company, Voice of Big data (VOBD), to distribute its patented 3D FaceMatch™ biometric facial recognition identification systems in India.
3D FaceMatch™ will be added to Voice of Big data's current Facial Signature product line as part of its security and intelligence division. The technology will be targeted to retail markets, law enforcement, airports, government agencies, public and private organizations, product development centers and offshore development centers.
Voice of Big data reported to fytimes.com in August that it will be the first company in India to launch 3D facial recognition technology in India.
It was recently chosen as one of the top 10 promising technology startups in India by Nasscom's Emerge; (ET Times October 25th). The fast growing company has 65 employees comprising 20 data scientists and anticipates hiring 80 more by the end of the year.
Mr. Gino Pereira, Chief Executive Officer of NXT-ID, Inc., said, "Clearly, this is another milestone in our history as we continue to make solid progress as we implement our growth strategy. We are delighted to be partnering with VOBD in such an exciting developing market. India is at the forefront of the biometric revolution and with our combined expertise in 3D facial recognition and the ability to analyze large amounts of data very quickly I believe we can contribute substantially to biometric adoption here."
Srinivas Kishan Anapu, CEO of VOBD, reiterated that "the partnership with NXT-ID is a major strategic milestone for Voice of Big Data in the R&D space and for implementation of facial recognition solutions across industries globally. Additionally we see a huge value addition to our customers especially in India."
3D FaceMatch™ facial imaging solutions provide government, law enforcement and security agencies with fast, precise, automated and low-cost solutions for biometrically-accurate imaging of human faces in three dimensions. By acquiring the shape of a subject's face, together with a perfectly registered image, FaceMatch technology enables dramatic performance enhancements in human identification systems ranging from manual photo ID verification to automated facial recognition.
The global facial recognition market is estimated to grow from $1.92 billion in 2013 to $6.5 billion in 2018 according to a report earlier this year from http://www.marketsandmarkets.com/. Analysts forecast the biometrics market in India to cross USD 2 Billion revenues by 2018.
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About Voice of Big data (VOBD)
Voice of Big data (VOBD) has its offices spread across US, UK, Australia and India. The company is incorporated with focus to provide sustainable BI solutions to clients. We have a highly dedicated team that constantly researches the trends in Bigdata, providing the most optimized solutions to the clients in BI space. At VOBD, Over 70% of Analytics is performed against Structured & Unstructured data. VOBD has invested in focused groups around tools & frameworks to provide client value-adds. This experience has helped VOBD build robust CoEs and reusable Frameworks for its customers. VOBD currently comprises of a Full time team of professionals from all domains and technologies related to Big data, BI and Analytics. VOBD has expertise across BFS, Insurance, Media, Manufacturing, Retail, Technology, Healthcare, Life Sciences and Utilities domains.http://voiceofbigdata.com
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms. NXT-ID' wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognitionhttp://www.nxt-id.com/,http://3d-id.net/.
Forward-Looking Statements for NXT-ID
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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