Biometric Authentication Innovator iProov Secures $70 Million in Funding

An investment of $70 million from Sumeru Equity Partners will enable online facial biometric authentication specialist iProov to expand its business in the United States, grow its worldwide partner network, and add more “top-quality staff” to its global team.

“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” iProov CEO and founder Andrew Bud said in a statement. “Our potential is enormous and we now have the resources to scale in the United States and worldwide. Our strong balance sheet will give our customers and partners confidence in our long-term ability to keep them and their customers secure.”

Updated valuation information was not immediately available. The company secured Series A funding in 2019, though the amount of the investment was not disclosed. In a statement, the company announced that it had tripled its revenues from 2020 to 2021, and processed more online verifications during a single 10-day period in 2021 than in the whole of 2020. The company added that it had completed more than one million verifications in a single day multiple times in 2021.

As part of the investment, Sumeru Managing Partner Kyle Ryland will join iProov’s Board of Directors. Ryland praised the company’s “combination of patented deep technology, exceptional customer references, and hugely capable team.”

A three-time Finovate Best of Show winner, iProov made its most recent Finovate appearance last spring at FinovateEurope 2021. At the event, iProov demonstrated Flexible Authentication which combines two of the company’s solutions – Genuine Presence Assurance and Liveness Assurance – to enable firms to choose the appropriate level of verification to be applied in a given situation.

Last month, iProov announced a partnership with high-speed passenger rail service Eurostar to test a new contactless fast-track service. The solution, SmartCheck, leverages iProov’s Genuine Presence Assurance technology to provide biometric face verification during the U.K. exit check to both streamline and better secure the travel experience. The pilot project was launched at London’s St. Pancras International station.

“This secure, convenient, and privacy-protecting technology will make life easier and safer for travelers around the world,” Bud said when the Eurostar collaboration was announced in December. “The days of rooting around in your bag for your passport or hoping that your phone battery doesn’t run out before you show your e-ticket at the gate are over. It’s effortless and convenient while also delivering the reassurance and security that travelers expect.”

Photo by Sourav Mishra