July 11, 2014 -
EyeVerify announced it has raised a combined strategic investment of $6 million, courtesy of Samsung Electronics, Sprint, an unnamed major U.S. banking institution and Qihoo 360 Technology, according to a report in the Wall Street Journal.
The investment brings the EyeVerify’s outside funding total to $10 million. During a recent Series A round the company was valued at almost $40 million.
EyeVerify licenses its Eyeprint ID technology as a single software product that is embodied as a software development kit (SDK). It provides smart devices, such as mobile phones, a password-free, secure authentication process at a glance, using the “eyeprint” of its recognized user.
Mike Liao, Qihoo 360’s director of strategic initiatives met EyeVerify earlier this year and said he was impressed with the product and its potential. “They don‘t require any specialized hardware,” he said. “You can do it with a normal camera on your phone. It’s an easy solution to the pain of passwords. They have it and it works.”
WSJ reported that “existing investors Mid-America Angels and Nebraska Angels participated alongside the new strategics. Think Big Ventures, which contributed to the past two rounds, did not participate in the Series A round.”
Toby Rush, CEO and founder of EyeVerify, told WSJ that he will use the infusion to continue improving the technology and striking deals with partners and customers. He also stated he is in advanced testing with smartphones from HTC, Samsung and other OEMs with models that are still under development.
EyeVerify has many patents involving technology, including a recent patent that encapsulates the main method and features of pattern matching essential to the Eyeprint verification system.
Rush recently said in multiple media reports that the company is specifically targeting industry verticals that rely heavily on security, such as the financial, health and the enterprise sectors, along with top social media sites like Twitter and Facebook.
EyeVerify provides a demonstration of its Eyeprint ID solution, along with more details about its features, in a promotional video: