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 dreams of a pickle truck driving through your neighborhood; How word of mouth fuels Ritchie Cherry’s Good Ass Pickles
Ritchie Cherry has good friends to thank for his latest business venture, Good Ass Pickles, he shared. After trying his sweet and spicy garlic pickles during the pandemic, he said, they encouraged him to sell them — with one friend even buying him a case of jars to fill. “They all just started me off,…
KC’s first Hispanic beer company faces make-or-break holiday season; this popup could tap its potential
A holiday-time popup location for Kansas City’s first Hispanic brewing company offers a taste of what’s to come if Rizoma Liquid Creations gains the support it needs for a brick-and-mortar space of its own, said Damon Arredondo. “We can’t get the capital at this moment, so doing these events allows us to bring in potential…
Pipeline entrepreneur expands his Omaha-based senior living network into Kansas City
A 10-market expansion for HomeCare Advocacy Network is expected to bring the Omaha-based company to Lee’s Summit and Overland Park as Mark Goetz and his team work to provide personal care and specialized services for seniors who wish to age in place. “With one of the largest metropolitan areas in the Midwest, the Greater Kansas…
Raygun’s anti-leaf blower agenda might have triggered rock-in-a-sock vandal at KC store, founder jokes
Mike Draper has only one regret after someone threw a rock wrapped in a sock at one of the display windows at Raygun’s Crossroads store last week. “We did not keep the rock,” lamented the boutique retail operation’s Des Moines-based founder. “People were like, ‘Oh, you should sell the rock in the sock’ and we’re…