RCS - Capital.com - Management takes Control of Face Augmented Reality

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24/11/2022 14:15

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RNS Number : 5366H  Capital.com  24 November 2022

Management takes Control of Face Augmented Reality Experts, Banuba.

LONDON, UK / ACCESSWIRE / November 24, 2022 / The management of Banuba, an
Artificial Intelligence (AI) camera software company that helps businesses
build more immersive augmented realities, has bought out its financial backer,
London-based technology entrepreneur, Viktor Prokopenya.

Banuba, which is headquartered in Hong Kong and has offices located in the EU,
employs 50 staff and serves the communication and eCommerce industries with a
range of patented technologies including video editing software development
kits for mobile platforms like TikTok.

Its patented technologies in the areas of Augmented Reality (AR) and AI allows
Banuba's clients to create a more engaging digital experience where they can
change their appearances through beautification technology, try-on make-up
solutions, select virtual backgrounds and use a range of cutting-edge video
enhancements.

The company began life as a computer vision and artificial intelligence
research lab in 2016. Since that time, it attracted funding from VP Capital,
the global investment vehicle started by the technology entrepreneur, Viktor
Prokopenya, and changed its strategy from targeting consumers directly to
supporting the creative software industries. Banuba's technologies are now
featured in over 100 million AR sessions each month and continue to grow at a
steady rate.

Now the company's management, led by CEO Dmitry Ogievich has acquired VP
Capital's stake in the company to anchor ownership across Banuba's leadership
and core team members.

Dmitry Ogievich, Chief Executive Officer, Banuba, said;

"We are very grateful to VP Capital for helping us to focus and fund a clear
path to success. They have been a pleasure to work with due to their deep
knowledge of the sector and of marketing. As Banuba now focuses on its growing
leadership in the Face AR and Virtual Try-On sector, the time is right to
acquire VP Capital's stake and to ensure we retain our top talent. Being
employee and management owned will ensure we continue to deliver state of the
art products and premium support to our clients as we expand our target
markets via partnerships and strong industry leadership."

Viktor Prokopenya, Founder, VP Capital, said;

"Watching Banuba grow and thrive has been hugely rewarding. This is exactly
the form of project VP Capital was set up to support: helping to maximise the
impact of a very good technology idea. We wish Banuba further great success in
the future."

ENDS

About VP Capital

VP Capital is the principal investment firm of IT entrepreneur and businessman
Viktor Prokopenya. Viktor founded VP Capital following the sale of his
successful business Viaden Media in 2012, to Playtech, the gaming software
company.

The areas of technology where VP Capital focuses its active investments -
artificial intelligence, augmented reality, computer vision, fintech and
blockchain - require a combination of very specific and rare skills as well as
a lot of processing power.

Since 2012, VP Capital has backed cutting-edge technology companies working
with founders to develop and build powerful technologies and great products.
As an investor, VP Capital is highly active in each business it supports,
taking a board position to ensure it maintains a hands-on approach in order to
super-charge growth, valuations, scale and sales.

VP Capital is focused on growing its current investments and innovative
technology projects, and always open to spotting the next new technology trend
and business opportunity.

Contact:

Shamillia Sivathambu

shamillia.sivathambu@capital.com

+447900 016469

SOURCE: Capital.com

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