iProov Announces $70M Investment from Sumeru Equity Partners
Online biometric face authentication solutions provider iProov has announced a $70 million (USD) growth investment from Sumeru Equity Partners. Headquartered in Silicon Valley, Sumeru invests in technology firms with a particular emphasis on helping companies expand in North America.
iProov will use the new capital from Sumeru to rapidly build on its leadership in the United States 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.
iProov’s patented technologies include Genuine Presence Assurance and Liveness Assurance. Since iProov’s Series A in 2019, the cybersecurity company says it has achieved substantial growth.
“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” said 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.”
“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,” said Kyle Ryland, Managing Partner at Sumeru. “We’re delighted to support the company in the next phase of its expansion and are very excited about the opportunities that lie ahead.”
Kyle Ryland, Managing Partner of Sumeru, is joining the existing iProov board. iProov was advised on this transaction by Houlihan Lokey and existing investors JRJ Group. Legal advice was provided by Cooley.
Launched in 2013, iProov provides online facial biometric authentication, working with governments, banks, and other enterprises to securely verify customer identity.