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
Founder Problems: Podcast captures the ‘messy middle’ you don’t see on entrepreneurs’ highlight reels
A new Kansas City-based podcast is skipping over the fairy tale stories of founding a startup; instead diving straight into the messy parts, the hosts shared. Founder Problems — hosted by local entrepreneurs Sarah Schumacher, Zach Oshinbanjo, and Lee Zuvanich — is embracing the aspects of starting and running a business that no one wants…
‘Invest with women we know’: This $1.4M wellness hub project is redeveloping one neighborhood from within
It’s an old real estate adage: “Buy the worst house in the best neighborhood.” Longtime Kansas City commercial broker Sheryl Vickers said it also applies to business properties, “one thousand percent.” Like twin mid-century office buildings just over the Missouri/Kansas state line in Prairie Village. “I drove by it, what a sad state,” said Vickers,…
Digital health startup aims to save medical providers time while bringing down cost of AI tech
CarePilot is on a mission to bring AI and automation to smaller medical clinics that don’t always have access to cutting-edge technology, shared founder and CEO Joseph Tutera. The Overland Park-based startup’s ambient AI technology — designed to help those smaller practices operate more efficiently — captures patient-provider interactions in real time, automating administrative tasks…
Street art to stage: KC fashion designer styles iconic Jim Crow-era musical comedy without missing a beat
Designing for theater gives Whitney Manney the opportunity to be as big and loud as she wants, the street bespoke creator said. A new musical production of “Hairspray” puts Manney’s bold aesthetic through a new lens — and alongside a timely story of acceptance, diversity, and the power of music. “There is no such thing…