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
She came to Kansas seeing a land of opportunity; now her just-launched bookstore opens doors for Black creatives
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. WICHITA — Latasha N. Eley Kelly’s new storefront not only combines her love of books, education, and supporting local creatives, she said; Left on Read also serves as a unique community…
Quincy Lee’s imagination never stops working; thanks to a life-saving camera, neither does he
An introverted “creativepreneur,” Quincy Lee juggles video content creation, co-owning a digital marketing agency, designing his own apparel, and fatherhood — all while bringing bold ideas into focus. “I’ve always been an entrepreneur all my life,” Lee said, reflecting on the early days of his journey. “It started small, but it planted the seed for…
New Westport coffee shop hopes to crown a fresh local favorite in the spot that launched Ruby Jean’s
Move over, office coffee pot; Tamara Grubb’s workspace brews its own premium drinks Tamara Grubb was just looking for a nice office space when she walked into a Westport building — a long-ago gas station with a distinctive double-A frame roof that once launched the popular Ruby Jean’s Juicery brand. Her first thought: This space…
Blue collar Friday: Why a KC streetwear project in the works for a decade could sell out in one night
A just-dropped collaboration between two Crossroads makers stitch together neighborhood history and vintage streetwear, according to the creatives behind the SewKC and MADE MOBB brands. “We’re paying homage to the craftsmanship of the past but bringing it into this new age,” explained Jesse Phouanphet, co-owner of the popular Kansas City streetwear apparel company MADE MOBB. …