EyeVerify sells to Alibaba affiliate for more than $100M
September 13, 2016 | Bobby Burch
In what represents one of the metro’s most notable exits in the last decade, Kansas City-based startup EyeVerify announced Tuesday that it has been acquired.
Ant Financial — the payments affiliate of Alibaba Group Holding — purchased EyeVerify for more than $100 million, according to an unnamed local source familiar with the deal.
Ant Financial started using EyeVerify’s biometric security tool in early 2016. Valued at about $60 billion, Ant Financial boasts about 450 million customers, offering services such as online payments, peer-to-peer lending, wealth management and more, Bloomberg reports.
Led by CEO Toby Rush, EyeVerify created the “EyePrint ID,” which transforms a selfie of a user’s eye into a biometric security key. It’s used by millions of people around the world to access mobile banking or other secured information.
Founded in 2012, EyeVerify has 35 staffers, has raised $13 million to date and was named a Top 10 Startup to Watch in 2016 by Startland News.
Now a wholly-owned subsidiary of Ant Financial Services Group, EyeVerify plans to stay in Kansas City after the deal, according to the firm. Current employees and the executive management team will also remain with the firm.
The exit is an unequivocal win for Kansas City. Not only will founding team members likely see a nice payout, but so too will EyeVerify’s local investors. Local investors in EyeVerify include Mid-America Angels, Women’s Capital Connection, Think Big Partners, Flyover Capital, Sprint and other private investors.
“Mid-America Angels and the Women’s Capital Connection are proud to have identified EyeVerify as a promising business opportunity and participated in this deal from its earliest stages,” a spokeswoman with MAA said. “We congratulate Toby and his team on years of hard work, and look forward to celebrating this timely victory for Kansas City during Techweek.”
Check back in later for more on this breaking story.
2016 Startups to Watch
stats here
Related Posts on Startland News
To cultivate area ecosystem, Kauffman launches ‘KC Connector’ project
The Ewing Marion Kauffman Foundation is setting out on a mission to better connect people cultivating Kansas City’s entrepreneurial and education communities. The Kauffman Foundation is asking Kansas Citians to nominate the area’s unsung heroes” for its new Community Connector Project. Inspired by similar initiatives that have been implemented in Portland, Philadelphia and Louisville, the…
VIDEO: KCAI President Tony Jones on art and tech
The Kansas City Art Institute’s new David T. Beals Studio for Art and Technology is a state-of-the-art facility that’s serving the school’s more than 600 student-artists. Watch the video below to hear Tony Jones, president of KCAI, discuss the facility as well as the intersection of art and technology. To read more about the studio,…
Cutting-edge facility comes to life at the Kansas City Art Institute
Artists have a knack for bearing ideas outside the realm of convention. But what happens when a creator is not only equipped with the latest technology to augment a medium, but cross-pollinates with other artists concocting complimentary creations? Who knows. And that’s exactly what the Kansas City Art Institute is excited to learn with its…
The 2017 Battle of the Brands set to kick off
Along with dozens of participating companies around the metro area, KCSourceLink is gearing up for its 2017’s Battle of the Brands competition. Battle of the Brands is a bracket-style competition that pits Kansas City businesses against each other — only one will reign as the “Aristo of Entrepreneurship.” Its purpose? To shine a light on…