iProov, a global leader in online biometric face authentication, has announced a significant $70 million growth investment from Sumeru Equity Partners, a Silicon Valley-based private equity firm. This funding round, led by Sumeru Equity Partners, is set to propel iProov’s expansion in the United States and internationally, solidifying its position at the forefront of the digital identity verification industry.
Sumeru Equity Partners, headquartered in the heart of Silicon Valley, is renowned for investing in technology companies demonstrating the potential to revolutionize industries. Their strategic focus includes providing portfolio companies with the resources and expertise to scale operations, particularly within the North American market. This investment underscores Sumeru Equity Partners’ confidence in iProov’s innovative technology and its capacity for substantial global impact.
The capital infusion from Sumeru Equity Partners will enable iProov to accelerate several key growth initiatives. These include aggressively expanding its footprint within the United States, broadening its international customer base, and further developing its global partner network. Moreover, iProov plans to maintain its technological edge by continuing to invest in research and development, ensuring it remains a leader in biometric innovation. This commitment extends to talent acquisition, with iProov aiming to attract top-tier professionals worldwide to support its ambitious growth trajectory.
At the core of iProov’s offering are its patented technologies: Genuine Presence Assurance® and Liveness Assurance™. These advanced biometric solutions are trusted by a growing number of security-conscious organizations worldwide. Notably, iProov’s clientele includes the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, and GovTech Singapore, alongside major financial institutions like Rabobank and ING. The selection of iProov by these entities demonstrates the robustness and reliability of its technology in demanding, real-world applications.
iProov has experienced remarkable growth since its Series A funding round in 2019. The company reported a tripling of revenues between 2020 and 2021, reflecting the escalating demand for secure online identity verification solutions. In 2021, iProov’s platform processed more verifications within a ten-day period than throughout the entirety of 2020, and it consistently achieved over one million verifications on multiple single days, highlighting its scalability and operational capacity.
“This investment from Sumeru Equity Partners, a leading growth fund in the U.S., is a powerful validation of iProov’s market leadership and technological innovation,” stated Andrew Bud, Founder and CEO of iProov. “Our potential for future growth is immense, and with the backing of Sumeru Equity Partners, we are now equipped to pursue significant expansion in the United States and across the globe. Our strengthened financial position provides assurance to our customers and partners regarding our long-term commitment to security and innovation.”
Kyle Ryland, Managing Partner at Sumeru Equity Partners, commented, “iProov stands out as a truly exceptional company. Its combination of deep, patented technology, strong endorsements from blue-chip customers, and a highly skilled team creates a powerful platform for continued success. Sumeru Equity Partners is excited to partner with iProov in this next phase of expansion and we see tremendous opportunity ahead.”
As part of this investment, Kyle Ryland of Sumeru Equity Partners will join the iProov board. iProov received advisory services from Houlihan Lokey and existing investors JRJ Group on this transaction, with legal counsel provided by Cooley.
For individuals interested in joining a rapidly growing and innovative company, more information on current career opportunities at iProov is available on their website.
