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
Crowdfunding law has changed, here’s what you need to know
Editors note: This piece was originally published Jan. 7, 2016. The Securities and Exchange Commission’s expanded rules for equity crowdfunding went into effect May 16. This past October, the SEC unveiled its final equity crowdfunding regulations set to take effect May 16. For the first time in the U.S., entrepreneurs will be able to…
Events Preview: Second Fridays, weekend coding events
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 Second Fridays When: Friday, January 8 @ 4:30 pm – 7:30 pm Where: Village Square Coworking Studio Second Fridays is simply a…
Top 10 Kansas City startups to watch in 2016
Kansas City is home to countless startups. But what early-stage ventures are the most promising and worth a closer look? As we entered 2016, Startland News evaluated the area’s top startups based on the strength of their team, current traction, disruptiveness and job growth potential. Below is a list of the top 10 area enterprises we’ve…
The WTF Series: Augmented Reality
On a daily basis, Ben Kittrell translates the jargon-filled world of technology for clients of his tech consultancy. The Words that Frustrate (WTF) series aims to offer readers some clarity in an industry dominated by techies’ confusing argot. Thanks to the Oculus Rift device, you probably heard last year’s buzz on virtual reality. The device,…