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
KC housing tech startup builds momentum, refines business model in Nashville accelerator
As Shapree’ Marshall prepares her final pitch for Twendé 2024’s demo day in June, the Kansas City founder and Pipeline Pathfinder already is seeing results from the six-month Nashville-based program. Her startup, A Traveled Path Homes, was among 56 companies led by founders of color that were named to the Twendé cohort in January. The…
Mid Coast Modern closing Westport shop, relocating Bear Soap brand to west coast
After nearly a decade as a local retail staple, Mid Coast Modern is closing, founder Matt Bramlette confirmed. The Westport Road gift shop — which opened in 2015 and supports makers/artists and indie businesses — is expected to shut its doors at the end of the month. Sales have declined since the pandemic — especially…
NMotion accelerates Its 100th startup with plans to invest $3 million in 30 more through 2026
OMAHA — A Kansas City startup was among the six cohort members that pushed the NMotion Accelerator past its 100-company mark, showcasing its AI-infused storytelling platform this week alongside innovations from across the Midwest. NMotion powered by gener8tor on Tuesday celebrated the cohort — along with the impact from its $100,000 investments in each member —…
Jazz musician opens sell-out BBQ spot; here’s how he’s spicing up KC’s chorus of flavors
Even with more than 90 barbecue restaurants across the metro, Gerald Dunn still figured there was room for his flavor profile on the Kansas City food scene. But before opening Dunn Deal BBQ in Grandview, he made a pilgrimage of sorts, stopping in to see legendary Ollie Gates. He reveres the local barbecue pioneer and…