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
C2FO: $10M investment from Starbucks CEO will unlock $100M in loans to small, diverse businesses
One of Kansas City’s most successful scaling startups announced Tuesday a new initiative — funded by Sheri Schultz and Starbucks CEO Howard Schultz — to provide access to $100 million in working capital for small and diverse businesses. The partnership — designed to use Leawood-based C2FO’s innovative lending approach to deliver flexible, equitable access to…
Small town KS just blocked its new crypto mining neighbor: Why this could be just the start of a rural-tech clash
Editor’s note: This story was originally published by Kansas City PBS/Flatland, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, The Kansas City Beacon, and Missouri Business Alert. Click here to read the original story. MCLOUTH, Kansas — Parked cars lined Lucy Street in the center of a normally quiet…
Massive new cancer center planned for KCK heralds region’s emergence as a life sciences powerhouse
Editor’s note: This story was originally published by Kansas City PBS/Flatland, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, The Kansas City Beacon, and Missouri Business Alert. Click here to read the original story. ‘Transformational event of unparalleled impact’ The Children’s Mercy Research Institute stands like a lighthouse…
Designed by women, for athletes: How the woman-led team behind KC Current’s new stadium is ‘equalizing the playing field’ for women’s sports
It’s uncommon to design a first-of-its-kind structure in the world of architecture, said Jill Monaghan, but the new KC Current soccer stadium — the first such facility being built specifically for a professional women’s team — scored her just the opportunity. In her nearly 11 years with Kansas City-based Generator Studio, Monaghan — who serves as senior…