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
These brothers brought artisan Mexican designs to the streets of KC; now Pancho’s Blanket is opening a Crossroads shop
A handmade Mexican garment company led by brothers Jonathan and Joseph Garvey is quickly making the leap from First Friday pop up to Crossroads storefront — announcing the debut of a permanent home for the shop next week. Pancho’s Blanket — which partners with artisans in Tlaxcala, Mexico, to design and make wool jackets, blankets,…
KC inventor’s untimely death leaves legacy of fearlessness, unfinished vision
Paul Francis pioneered fitness tech for NASA, commercialized it with Bowflex, then raised $4 million on Kickstarter: How the OYO founder’s unexpected death this month cut his storied entrepreneurial journey short — but left a lasting impression on the people who worked alongside him. Former colleagues are remembering the late Paul Francis as a uniquely…
Pitches and peaches: Hy-Vee awards $30K piece of the $50K prize pie to family-run cobbler company
Denisha Jones sweetened Hy-Vee’s OpportUNITY Inclusive Business Summit and pitch competition this week with her ready-to-bake cobblers. Her pitch (and peaches) secured the $30,000 grand prize. “Every time Thanksgiving comes around, I always crave my grandmother’s cobbler. During the pandemic, I was unsuccessful in finding a cobbler as good as my grandmother’s, so I went…
Meet six newly funded startups Digital Sandbox KC is making more fundable tomorrow
Newly awarded funds are expected to help six more companies scale their fledgling startups past the proof-of-concept stage, said Jill Meyer, touting Digital Sandbox KC’s track record of making startups and their products more fundable once they’re built. “Digital Sandbox KC is one of the Kansas City metro’s rare early-stage funds and provides vital support…