In this digitally-driven world especially post the Covid times, demand for online identity verification is only expected to grow manifold. As companies resort to work from home or the so-called hybrid work model, it has become vital to onboard applications that can be used for biometric authentication.
Stepping into this world of new work regimes to tackle the increasing number of fraud and cybercrime in this scenario is UK-based online biometric face authentication startup iProov. The London-headquartered startup has announced $70 million funding from Silicon Valley-based Sumeru Equity Partners.
The company will use the fresh capital to rapidly build on its leadership in the US and expand its international customer base, accelerate the growth of its global partner network and maintain its position at the forefront of technology innovation while hiring top quality staff worldwide.
Genuine presence assurance
Launched in 2013, iProov’s patented technologies – Genuine Presence Assurance and Liveness Assurance – ensure that an online customer is the right person and of course a real one, too. This protects against spoof attacks from photos, videos, masks and digital injection attacks and the emerging threat of deepfakes.
Trusted by many of the world’s most security-conscious organisations, the platform is currently working with governments, banks and other enterprises to securely verify customer identity. It is being used by the US Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING and others.
Over 1 million verifications
Since its Series A in 2019, the cybersecurity company has achieved substantial growth. It tripled revenues from 2020 to 2021, processing more online verifications during a 10-day period in 2021 than in the whole of 2020. More than 1 million verifications were completed in a single day several times throughout 2021.
“This investment by one of America’s leading growth funds reflects the important position we have established,” said Andrew Bud, Founder and CEO of iProov. “With immense potential, we now also have the resources to scale in the US 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.”
The startup was also recognised as a Gartner Cool Vendor 2020 in Identity Access Management & Fraud Detection.
Patented deep technology
Offering growth capital, strategic insight and operating expertise to leading technology companies in North America and Europe, Sumeru has been extremely optimistic about the potential of the startup. Headquartered in Silicon Valley, the team has made over 50 investments and add-on acquisitions in enterprise technology companies, resulting in IPOs and numerous exits to leading financial and strategic acquirers.
Joining the existing iProov board is Kyle Ryland, Managing Partner at Sumeru. He said: “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.”
The other startups that are cashing in on the thriving digital authentication scene include SenseTime and Megvii from China, AnyVision and OrCam Technologies from Israel, Clarifai from US and NtechLab from Russia.