Biometric authentication specialist iProov secures $70m investment
iProov, a biometric face authentication specialist, has received $70 million growth investment from Sumeru Equity Partners.
Kyle Ryland, managing partner of Sumeru, will joining the iProov board as part of the deal.
iProov says it will use the new capital to grow its worldwide presence and partner network, and hire more staff.
iProov’s tech – Genuine Presence Assurance and Liveness Assurance – is used in the banking world by Rabobank and ING, among others.
It also has strong presence in the governmental sector, with clients including the US Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, and GovTech Singapore.
iProov was founded in 2011 and launched to market two years later. It closed its Series A funding round in 2019.
It says it tripled its revenues from 2020 to 2021, processing more online verifications during one ten-day period in 2021 than in the whole of 2020. More than one million verifications were completed in a single day several times throughout 2021, according to the company.
“Our potential is enormous,” states Andrew Bud, founder and CEO of iProov.