iProov secures $70m backing from Sumeru Equity Partners

Biometric face authentication company iProov has landed $70m in growth investment from Silicon Valley-based Sumeru Equity Partners.

Founded in 2011, iProov ensures that online users are genuinely present in uncontrolled environments, combining face biometrics and anti-spoofing. The company claims it detects and prevents all known identity spoof attack vectors including masks, replay attacks, compromised devices and deep fake artificial videos.

The company is currently experiencing a strong period of growth, after it tripled its revenues from 2020 to 2021 and processed more online verifications during one 10-day period in 2021 than across the whole of 2020.

According to iProov, it will use the new funding to rapidly build on its leadership in the US and expand its international customer base. The firm will also look to accelerate the growth of its global partner network and maintain its position at the forefront of technology innovation.

iProov CEO and founder Andrew Bud said, “This investment by one of America’s leading growth funds recognizes the preeminent position we have established. 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 managing partner Kyle Ryland – who will be joining the iProov board – added, “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. We’re delighted to support the company in the next phase of its expansion and are very excited about the opportunities that lie ahead.”

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