Kairos, the Miami-based facial-recognition startup, recently secured a $1.2 million Series A funding round from investors that includes New World Angels, Florida Angel Nexus, Innovision Ventures, True Venture Innovations, Lyonsden Investments and venVelo.
Brian Brackeen, founder and CEO who works out of The LAB Miami in Wynwood, told the NewME Accelerator, which first reported the news Tuesday, that the company plans to use the funding to rebuild its website, implement its go-to-market strategy globally and grow the company to more than 40 employees by 2016. Already, more than 300 enterprise companies with 17,000 employees use its products. Brackeen graduated from the accelerator in 2012.
Kairos, founded in 2010, received $500,000 in seed funding in 2012, bringing its total funding to $1.7 million. The company in 2012 launched its first product, Kairos TimeClock, which uses facial recognition to clock employees into work, thus eliminating “buddy punching” and saving companies about 6 percent on their payrolls. Last year, the company launched Kairos ID, an infrastructure as a service, open approach for others to implement their technology upon.
“We are excited about the future of Kairos and have great confidence in its ability to leverage its current product mix and execute on an effective marketing plan. Under the capable leadership of Brian Brackeen, we believe in the company’s ability to make a real difference in reducing fraud through its advanced facial recognition software,” said Rhys L. Williams, president and co-founder of Boca raton-based New World Angels. NWA members Steve O’Hara and Bryan Abboud have joined Kairos’s board of directors.
The funding will allow Kairos to scale quickly, Brackeen said. The company plans to grow to 14 employees by April, and almost all of them will be based in Miami. “We are hiring for rock star PHP developers,” said Brackeen, whose story was chronicled by the Wall Street Journal last year as part of the WSJ Startup of the Year web series.
Posted Feb. 25, 2014