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
How Kelly Clarkson’s well-timed Father’s Day gift boosted a KC entrepreneur’s nonprofit
Life’s recent whirlwind initially shocked James Hogue — the newly-minted “rad dad” who earned a shoutout (and a couple thousand dollars) on the Father’s Day edition of Kelly Clarkson’s hit daytime talk show. “My first thought was, ‘Is this really happening?’” the Kansas City dad and certified doula said. The founder of Fathers Assisting Mothers…
Venture Noire is ready to activate KC with focus on improving outcomes for Black entrepreneurs
Venture Noire comes to Kansas City late this month with a two-day event to help early-stage entrepreneurs plan their next moves and reintroduce the Northwest Arkansas-based nonprofit to local business owners. Planned for June 26-27 at Keystone CoLAB, the “KC’s Playbook for Entrepreneurial Excellence” event is expected to feature a boot camp with workshops on…
Wild Way closing: Coffee camper drips bittersweet blend of emotions as owner’s cup runs dry
Nearly six years after she began serving lattes in her popular Wild Way coffee camper, Christine Clutton is saying goodbye to the business at the end of the month, she confirmed. Wild Way Coffee — featured on the Peacock series “The Simple Art of Swedish Death Cleaning” and approved by KC-raised actor Jason Sudeikis —…
Wichita investors propel startup helping underserved schools, nonprofits boost workforce
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 — A more than $500,000 oversubscribed round from accredited investors — mostly Wichita backers — is just one milestone in tech startup KaaS’ plans for $1 million in 2024 investments, said…