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NtechLab wins first G20 innovation award for the best artificial intelligence startup

NtechLab wins first G20 innovation award for the best artificial intelligence startup
The Siliconreview
22 October, 2021

The event involved 22 countries, 100 startups, over 100 VC & Corporates. Among the 10 winners some revolutionary innovations in the Cleantech, Artificial Intelligence, Sustainable Mobility, Health and Internet of Things.

NtechLab, video analytics software developer, was presented with the first G20 Innovation League award for the best artificial intelligence startups. A special event organized in the framework of the Italian Presidency of the G20, which brought together 100 startups from the G20 countries, more than one hundred venture capitalists, and big international companies.

At the first stage of the competition, the most promising startups were nominated by each of the G20 countries. At the second stage, 100 startups that made it to the finals were evaluated by venture capital investors based on financial results, product uniqueness, team competencies, innovative ideas to tackle global challenges, the ability to build a more inclusive and sustainable future and other criteria.

Andrei Telenkov, CEO of NtechLab, said: “The international community is of the same opinion, without intelligent video analytics systems, a city cannot be smart and safe, and business cannot be competitive. The G20 award is an affirmation of NtechLab’s status as one of the world leaders in the development of such systems.” “Video analytics is already used in almost all industries, from industry to retail, and helps society and business to respond to important incidents in a timely and efficient manner as well as informing accurate long-term strategic decisions making.”

The Minister of Foreign Affairs, Luigi Di Maio, opened and closed the meeting, underlining the importance of international cooperation to face the present challenges and innovatively rethink the future.

In closing, the handover to the Director-General of the Indonesian Ministry of Communications and Informatics Semuel A. Pengerapan. Indonesia will be the rotating president of the G20 and will also handle the 2022 edition of the G20 Innovation League.

For reference:

The startups, called to present their projects and to propose technological solutions, participated in five challenges, two young companies were awarded for each category:

  • The potential and risks of artificial intelligence, awarded: Ntechlab (Russia) and Ruangguru (Indonesia).
  • Clean technologies (so-called Cleantech), awarded: Act Balde Ltd (UK) and Biomicrogels Group (Russia).
  • The efficient use of the Internet of Things (IoT & Wearables), awarded: Zerynth (Italy) and Poka (Canada).
  • Smart cities and the future of mobility, awarded: Dott (Netherlands) and Virtuo Technologies (France).
  • The future of healthcare, awarded: Sansure Biotech (China) and Nalagenetics (Indonesia).

About NtechLab

Founded in 2015, NtechLab provides multi-object video analytics, which processes video and recognizes faces, vehicles and actions. The company’s technology enables the highest accuracy and speed of recognition. An intelligent criteria-based face search can detect, film and track a person of interest in a split second. Vehicle recognition identifies the type of body, color, manufacturer, and model of a car. It works even if license plates, or part of the car, are not visible. More than 150,000 cameras in 30 countries globally are connected to the company’s software.

In 2020, following a $15 million investment from an international consortium of sovereign wealth funds, including those from the Middle East, NtechLab has announced the opening of its Gulf representative office in Abu Dhabi.

In 2021, NtechLab topped the Face Recognition Vendor Test (FRVT) undertaken by the National Institute of Standards and Technology (NIST) of the US Department of Commerce. Based on the results of seven independent tests, the algorithm developed by NtechLab was given worldwide top ranking.

The NtechLab’s face recognition algorithm is integrated into the Moscow city video analytics system. The functionality of the solution allows real-time high-precision face recognition in the video stream, comparing the results with databases of wanted and missing persons. If a match is found, the system instantly sends alerts to law enforcement officers. The whole process from the actual appearance of a person in front of the camera to receiving a signal takes less than a second, which allows to quickly respond to any situation. In 2020, over 5,000 crimes were solved in Moscow using a video analytics system with face recognition, according to the data of the Ministry of Internal Affairs of Russia.

ntechlab.com

Media contact:

Alexander Tomas

Communications Director

+7 916 498 74 42

a.tomas@ntechlab.com