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
The metric that your startup needs to measure: Net promoter score
Startups are full of uncertainty — and prospective clients know that. Credibility and reputation are both keys to a company’s ability to not only sell a product or service, but also to create brand ambassadors that will promote it to friends and others. As the saying goes, your customers are your best salespeople. “If you…
Comcast launches new gigabit service in Kansas City metro
The Kansas City gigabit market just become more crowded. In addition to Google Fiber and AT&T, Comcast has now joined the ranks of Kansas City Internet providers offering gigabit speeds. In 2017 Comcast will begin to roll out residential gigabit Internet service to customers in the Kansas City suburban area. The company will deliver the…
Four female entrepreneurs will represent KC in UberPITCH contest
Four Kansas City entrepreneurs will be celebrating global entrepreneurship week on the East Coast as they vie for part of a $120,000 pie. Kansas City’s representatives — which are listed below — represent a diverse set of industries, including tech, health and agriculture. Kansas City was one of five participating cities in UberPITCH — a…
Google Fiber launches ‘gigabit community’ effort in KCK
In a world where the Internet is used to search for jobs, pay bills and finish homework — Google Fiber aims to use its gigabit service to leverage equal opportunity. In conjunction with a host of community partners, Google Fiber on Wednesday launched its first gigabit communities site in Kansas City, Kan. to help close the…