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
This Wichita program is helping KC startups connect the dots to corporate partners
WICHITA — An eight-week program targeting knowledge and access gaps between emerging startups and enterprise companies helped boost a trio of Kansas City ventures whose founders are now eying new customers and partners as they scale. The 2023 NXTSTAGE Enterprise Engagement Series — an initiative of Wichita-based NXTUS — wrapped its latest cohort during Wichita Startup…
Shop Small: 5 gifts for people who are always cold
Editor’s note: This feature is the third in Startland News’ five-part holiday gift guide — presented in 2023 by nbkc bank — showcasing Kansas City makers and their products. Check out the featured maker below, then keep reading for five gift ideas to get started. Donnell Jamison’s colorful streetwear brand shares a similar retro vibe…
Let’s be blunt: MO cannabis culture is a great niche, founder says a year after legalization vote
A year after Missouri voters approved recreational marijuana at the ballot box, demand for high-quality cannabis products has exceeded expectations, said Michael Wilson, whose Kansas City-based operation quickly became a best-selling Show-Me State brand. “The past year has been a wild ride as anyone can suspect from an early emerging market like cannabis,” said Wilson,…
Urban farmer’s composting operation gets in ‘deep trouble’ with city; why she’s thankful for the opportunity to cultivate change
Being pioneers on the Kansas City urban farming scene can be a tough row to hoe, admitted Brooke Salvaggio noting the challenges she’s faced with Urbavore Farm and Compost Collective KC are just the latest season on an evolving agricultural landscape. “More or less, we’re rebels,” explained Salvaggio, who along with her husband, Dan Heryer,…