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
Married puppeteers had a hand in reviving iconic Mr. Rogers characters for film; now they’ve returned to KC (with their studio)
Puppeteers are often anonymous, but Spencer Lott — and his wife and business partner, Grace Townley — are stepping into the spotlight to start their own creative studio, they shared. The Lawrence-based couple — who built the puppets used in the Tom Hanks film “A Beautiful Day in the Neighborhood” about the life of TV’s…
Show-Me Honeywell: How this high-security KC tech campus became a one-day classroom for Missouri school leaders
A group of Missouri educators, counselors and administrators took a summer trip across the state to visit notable companies and learn firsthand about relevant career pathways for their students, detailed Brian Crouse. Among the behind-the-scenes looks: a rare glimpse into the work at Honeywell Federal Manufacturing & Technologies, which manages the U.S. Department of Energy’s…
PHKC awards $25K to Alchemy Sandbox winners; It’s amazing when someone understands your vision, founder says
Year one challenges can be difficult for entrepreneurs to swallow, James Thomas noted, but he’s raising a cup to the first anniversary of Brain Freeze Mobile Daiquiri Shop with validation and a splash of funding. Two days after completing The Porter House KC’s fourth small business development cohort and competing in its finale competition, Thomas…
After his eye-catching KCI installation took flight, Willie Cole had 100+ horns leftover; He kept building
Willie Cole didn’t choose to be an artist. It’s always been part of him. “I think I was an artist in a previous life,” said the contemporary American sculptor, printer and perceptual engineer. “When I was 3 years old, my mom found me drawing in the kitchen, and since then, my family always said I…