Today’s press release is about Hoan Ton-That, the CEO of Clearview AI, a facial recognition startup. According to the latest news report, Hoan Ton-That has stepped down from his role as CEO. Now, Hal Lambert and Richard Schwartz will be the two co-CEOs of Clearview AI.
Hoan Ton-That Remains Board Member After Resignation
Clearview AI, a controversial facial recognition initiative CEO, Hoan Ton-That has resigned as CEO. Forbes first reported his news of the resignation. He will serve as the board member of the startup even after his resignation. He has not talked about any details of his resignation.
He stated that "it is time for the next chapter in my life."
Insight into Clearview AI Startup
Clearview AI is a company known for its controversial facial recognition. The company has built a searchable database of 30 billion photos by scraping the internet. The company works by selling access to its facial recognition technology to legal facilities and federal agencies. These agencies use the database to identify suspects, fraud, or report missing people.
Company's New Dual Leadership Structure
Clearview AI has appointed early investor Hal Lambert and co-founder Richard Schwartz as two co-CEOs. According to Clearview AI's statement, the two co-CEOs aim to be on board in investing in new “opportunities” under the Trump administration.
Lambert and Schwartz are bonded to Republican politics. Lambert is the founder of Point Bridge Capital, an investment firm best known for launching the MAGA ETF in 2017. His firm works with companies that support Republican candidates.
Richard Schwartz previously served as a senior advisor to Rudy Giuliani during his tenure as New York City mayor.
Clearview AI Dealt with Controversies
Clearview AI has created databases of people's faces that too without their permission. In this scenario, the company faced multiple privacy violation suits and fines. The major fine includes over $100 million in GDPR from European data protection agencies, including authorities in France and the Netherlands.
Clearview AI has turned a deaf ear to their move of paying the fines. Another lawsuit from conservative investor Charles Johnson. He claims that he was a co-founder and owed a share of property rights. Johnson let go of the lawsuit but Clearview AI’s counterclaims in the suit. Clearview AI lawsuits accuse Johnson of defaming the company's reputation.
Company's Financial Standing
Hoan Ton-That in his resignation letter stated the financial growth of the company in 2024. According to Forbes, Clearview AI has not gained profits and has struggled to win large federal contracts. The company soars high at $30 million in investments in a Series B round in 2021, valuing it at $130 million. This investment was led by high-profile investors, Peter Thiel and Naval Ravikant.