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
Crows Coffee expanding to Troost with on-site roasting, wholesale bakery (and eventually a new social activation)
A decade after opening the first Crows Coffee and two more cafes later, owner Zach Moores is undertaking a major expansion — this time with a project encompassing more than 10,500 square feet on Troost Avenue. While much larger than he planned, the two buildings Moores recently purchased pushed him to expand his vision for…
How the Chiefs inspired this Kansas City immigrant to embrace his new home (and start his own business)
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. Robert Galica, an immigrant from Mexico City and a Chiefs fanatic, started hosting tailgates at Arrowhead Stadium in a school bus…
Brimming with gratitude: Super Bowl caps viral popularity as KC-stitched hat brand returns home
When Taylor Webb watches the Chiefs-Eagles Super Bowl rematch Sunday from a crowded spot at Power & Light, he’ll be surrounded by friends and fellow Chiefs fans — and with any luck, a sea of caps bearing his trendsetting signature upside-down “Kansas City” design. Odds are good for the Kansas City native, who recently relocated…
TokenTourney reimagines fantasy sports play; adding charities, businesses to its roster
Kansas City-built TokenTourney puts users’ dreams as close as the end of a bracket; now its founders are rallying behind a new effort to team up with charities and businesses who want to engage younger consumers through the tournament-style app. “TokenTourney allows the average person to win once-in-a-lifetime experiences and luxury prizes that they otherwise…