August 20, 2014 -
EyeVerify Inc. today announced the completion of its Series A equity funding round. The San Francisco-based firm, which develops patented biometric technology that eliminates passwords on mobile devices, raised US$6 million.
The funding will enable EyeVerify to drive mass adoption of its biometric technology directly and through key channel partners within the financial services, enterprise mobility, mobile security, telecom, healthcare and government markets.
EyeVerify will receive this funding from Qihoo 360, Wells Fargo, and Sprint, as well as from its initial investors. This round of financing brings total funds raised by the company to approximately US$10 million.
Toby Rush, CEO and Founder of EyeVerify said: “No marketplace validation could be stronger than strategic investments by giants in the mobile space, including the largest security software firm in world, the leading bank in the U.S., and a wireless network operator serving more than 50 million U.S. customers.”
EyeVerify Inc. is the creator of Eyeprint ID, a highly accurate biometric technology for mobile devices, that delivers password-free secure authentication by using existing cameras to image and pattern-match the blood vessels in the whites of the eye.
“We are fortunate to have a breakthrough technology that delivers a simple, secure, and private solution that eliminates password pain and password security risk, addressing a massive and escalating market need,” Rush added.
The financial services industry is one of the largest industries to benefit from Eyeprint ID. According to Rush, examples of how financial institutions can utilize Eyeprint ID include protecting employees’ phones via mobile device management, protecting customers’ phones when they conduct mobile banking, and ensuring safe and secure mobile mortgage, insurance, investment, card, and electronic payments.
Due to these security benefits, EyeVerify was invited to become an inaugural participant in Wells Fargo’s Startup Accelerator. The Startup Accelerator is a semi-annual boot camp for innovators whose technology ideas could shape future customer experiences in financial services.
“We’re excited to be investing in EyeVerify through our accelerator,” said Steve Ellis, head of Wholesale Services at Wells Fargo. “It represents precisely the technology innovation in mobile security for financial services and e-commerce that is important to us.”
In addition to Wells Fargo, Sprint also indicated its deep commitment to Eyeprint ID.
“With mobile security evolving beyond passwords, we are pleased to invest in EyeVerify and its easy-to-use innovative biometric solution,” stated Kevin McGinnis, a Sprint vice president.