iProov has received a vote of confidence from a Silicon Valley investment firm. Sumeru Equity Partners is investing $70 million in the remote identity verification specialist.
Focused on potentially high-growth tech companies, Sumeru has been active since 2007. The firm says its capital has supported over 50 growth stage companies, including Buildium, Actian, and 360Learning, among others.
Now, Sumeru has turned its attention to iProov, which has demonstrated strong growth on the back of its Genuine Presence Assurance and Liveness Assurance solutions. The company recently announced that its revenues had tripled from 2020 to 2021, an achievement that came after iProov had only just raised its Series A funding round in 2019.
“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 Sumeru Managing Partner Kyle Ryland. “We’re delighted to support the company in the next phase of its expansion and are very excited about the opportunities that lie ahead.”
Ryland himself will join the iProov board of directors as a result of the funding agreement.
The funding arrives at an eventful time for iProov. Last month, authorities at the popular Eurostar rail service linking Britain and France began trialling an expedited screening system for passengers in which iProov’s technology is playing a central role. This week, on the other hand, brought news of a patent infringement lawsuit against the company from FaceTec.
Commenting on the Sumeru investment, iProov founder and CEO Andrew Bud was upbeat. “This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” he said. “Our potential is enormous and we now have the resources to scale in the United States 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.”
Sumeru’s investment in the company reflects broader interest in selfie-based onboarding technology, especially in the wake of a pandemic that has accelerated shifts into digital channels. For its part, iProov says it processed more online identity verification in a ten-day period of 2021 than it did in all of 2020.
January 6, 2021 – by Alex Perala