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
He’s touched every ꓘ at The K for 25 years; meet the man who gives mud baths to 200+ balls before each game
Every baseball that crosses home plate at Kauffman Stadium likely received a mud bath from Tom Walsh, he shared. Before every home game — including opening day March 28 — the Kansas City Royals clubhouse and umpire services manager is in charge of preparing 204 balls in line with the strict regulations of Major League…
First look: Chef behind Strang Hall favorite Anousone brings his popular Laotian fare downtown
A new menu option at the Strang Chef Collective at lightwell hits familiar flavors for diners who already have fallen in love with renowned Chef Anourom Thomson’s Southeast Asian-inspired comfort food, said Shawn Craft. Anousone — a popular staple with the Strang Hall food hall concept in downtown Overland Park — has opened a new…
$30K grand prize: Sisters embrace vegan comfort eats potential with Mattie’s Food’s big win
Arvelisha Woods and India Monique plan to use their grand prize winnings from Friday’s We Are Black pitch competition to invest in the community’s health, they said. Mattie’s Foods won $30,000 in the second annual G.I.F.T. event, which saw 10 Black-owned businesses vying for funding to fuel their business dreams. The winning co-founders of the…
‘Punching above our weight’: KC requests $75M in federal funds as region’s Tech Hubs effort builds even more momentum
Leaders of Kansas City’s Tech Hubs initiative won’t find out until this summer if the regional effort will receive a new round of federal funding, but there’s already plenty to cheer, shared Dennis Ridenour. “We fully expect to be here — or someplace like this — four or five months from now celebrating our region’s…