iProov, a global frontrunner in online biometric face authentication, has secured a significant $70 million growth investment led by Sumeru Equity Partners (“Sumeru”), a prominent Silicon Valley-based private equity firm. This investment signals a major endorsement for iProov’s innovative technology and its potential to revolutionize online security and identity verification.
Sumeru Partners, known for investing in high-growth technology companies poised to disrupt and lead their respective markets, has identified iProov as a key player in the rapidly expanding cybersecurity landscape. With a strategic focus on helping companies scale operations and expand their footprint, particularly within North America, Sumeru Partners‘ investment is perfectly timed to fuel iProov’s ambitious growth plans.
The capital infusion from Sumeru Partners will empower iProov to accelerate its expansion strategy on multiple fronts. The company aims to solidify its leadership position in the critical United States market, broaden its international reach, and strategically enhance its global partner network. Furthermore, iProov is committed to continuous innovation and will dedicate resources to maintain its technological edge in the biometric authentication space, attracting and retaining top-tier talent worldwide to support this mission.
iProov’s technology suite, featuring patented Genuine Presence Assurance® and Liveness Assurance™, has garnered the trust of a prestigious clientele, including organizations with the most stringent security requirements globally. These include the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, and ING, among others. The selection of iProov by these entities underscores the robustness and reliability of its biometric solutions in securing sensitive online interactions.
Since its Series A funding round in 2019, iProov has demonstrated exceptional growth, highlighting the increasing demand for secure online identity verification solutions. The company witnessed a remarkable tripling of revenues between 2020 and 2021, processing a greater volume of online verifications in a mere ten-day period in 2021 than throughout the entirety of 2020. Impressively, iProov consistently surpassed one million verifications in a single day on multiple occasions in 2021, showcasing its capacity to handle massive scale and mission-critical applications.
“This investment from Sumeru Partners, a leading growth fund in the United States, is a powerful validation of iProov’s market-leading position and the immense potential that lies ahead,” stated Andrew Bud, Founder and CEO of iProov. “With the strategic support and resources provided by Sumeru Partners, we are ideally positioned to scale rapidly, particularly in the United States and across the globe. Our strengthened financial position will instill even greater confidence in our customers and partners regarding our long-term commitment to safeguarding their security and that of their users.”
Kyle Ryland, Managing Partner at Sumeru Partners, expressed enthusiasm about the partnership, stating, “iProov stands out as a truly exceptional company. Its combination of deep, patented technology, strong endorsements from blue-chip customers, and a highly talented team creates a powerful platform for continued success and expansion. Sumeru Partners is thrilled to be part of iProov’s journey, supporting the company through this pivotal growth phase, and we are excited about the significant opportunities we see on the horizon.” As part of this investment, Kyle Ryland of Sumeru Partners will join the iProov board, further strengthening the collaboration and strategic direction of the company.
Houlihan Lokey served as financial advisor and Cooley provided legal counsel to iProov on this transaction. Existing investors JRJ Group also participated in the round. This partnership between iProov and Sumeru Partners marks an exciting chapter for the biometric authentication industry, promising further innovation and broader adoption of secure online identity verification technologies.
Explore exciting career opportunities at iProov: https://www.iproov.com/about-us/careers.
