EyeVerify Makes Friends With Eyeprints, Scores $6M Strategic Investment

EyeVerify Logo, biometric software for mobile access controlPeople are learning about eyeprints and investing. More accurately, EyeVerify, a Kansas City startup founded in 2012 that specializes in eye-based vascular biometrics, is gaining investors for its new modality. The company has just gained four major backers to the tune of a combined $6 million strategic investment.

Samsung Electronics, SprintCorp, a major U.S. banking institution and Qihoo 360 Technology are all counted as new investors, according to Venture Capital Dispatch who initially broke the news.

To date, EyeVerify has raised $10 million in outside funding. According to the Wall Street Journal, the startup was valued at $40 million during a recent series A round of investment.

Toby Rush, EyeVerify’s CEO, says that the new investment will be used to further improve the technology and mine for new partners and customers.

EyeVerify uses the front facing camera on a smartphone to measure the vein patterns on the surface of a user’s eyeball. After a user has enrolled she can access apps and sensitive websites by facing the phone and looking up and to the side. It’s a contactless and quick procedure with applications in healthcare, BYOD, finance and enterprise.

Because it is a software solution, EyeVerify is very accessible in terms of large scale deployments. A 1 megapixel front facing camera, which by now is practically ubiquitous on smartphones, is the only prerequisite. A licence to use the technology is $10 per year for small companies (5,000 to 150,000 users), and even less for larger firms.

Recently, EyeVerify was selected by The System Works Group, an Australian digital banking solutions provider, in order to provide protection for mobile financial transactions.

Recently at findBIOMETRICS, we featured EyeVerify in our list of biometric software that you can try for yourself right now.

July 11, 2014 – by Peter B. Counter