iProov collects $70M to expand biometric liveness checks in North America, globally
iProov has picked up a $70 million growth investment from Sumeru Equity Partners to continue building on its position within the American market for biometric facial authentication, and expand its international customer base.
The company has had significant success finding customers for its biometrics-based Genuine Presence Assurance and Liveness Assurance technologies around the world, notably in the UK public sector. The U.S. Department of Homeland Security is also a customer, and iProov reported record growth in 2021, with its revenue tripling.
Private sector deployments include one to support mostly-contactless rail travel on Eurostar.
iProov’s plans for the funds also include expanding its global partner network, continuing its innovation around biometrics and liveness detection, and hiring high-quality staff around the world, according to the announcement.
“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” states Andrew Bud, founder and CEO of iProov. “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.”
Sumeru is based in Silicon Valley, and focusses largely on helping technology firms expand in North America.
“iProov is a unique business and its combination of patented deep technology, exceptional customer references and hugely capable team positions the company for outstanding future growth,” says Sumeru Managing Partner Kyle Ryland. “We’re delighted to support the company in the next phase of its expansion and are very excited about the opportunities that lie ahead.”
Ryland is also joining iProov’s board.
Response to lawsuit
“All of our products have been developed in-house and are covered by granted patents,” a company spokesperson wrote to TechCrunch in a follow-up email. “Accusations that we have used [FaceTec] technology in our products are completely unfounded, and iProov will take all appropriate actions to defend itself and its customers.”