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
LaunchKC announces 20 finalists for $50K grants
After trying deliberations that went into Monday evening, the Kansas City-based grants competition LaunchKC has revealed its 20 finalists that will vie for a piece of the $500,000 pie. The competition — which will distribute $500,000 via 10, $50,000 non-dilutive grants — drew more than 400 tech startup applicants for the second year in a…
TEDxKC offers 5 inspirational musings for entrepreneurs
From poets and inventors to musicians and activists, the eighth-annual TEDxKC on Friday challenged attendees to “question everything.” And in that questioning, 13 presenters offered an assortment of inspiring thoughts from which entrepreneurs can learn. Here are five takeaways from the event, which was hosted at the Kauffman Center of Performing Arts and presented by…
The legend of the salvaged Westport Commons mural continues
If reader reaction is any indication, Startland News may want to consider a pivot to becoming a historical art publication. Since publishing a story on Tuesday regarding an exhumed mural at Plexpod Westport Commons, thousands of people around the area and nation have taken an interest in the piece. Dozens of Facebook comments have relayed their…
Events Preview: Athena League, Customer Experience Showcase
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW Let’s Talk About Press, Baby When: August 18 @ 5:30 pm – 7:30 pm Where: Sprint Accelerator Let’s talk about press,…