Online biometric face authentication firm iProov has raised £52 million investment from Sumeru Equity Partners.
Headquartered in Silicon Valley, Sumeru invests in technology firms with the potential to change the world, with a particular emphasis on helping companies expand in North America.
London-headquartered iProov will use the new capital to build on its leadership in the United States and expand its international customer base and accelerate the growth of its global partner network.
iProov’s patented technologies, Genuine Presence Assurance and Liveness Assurance, are used by many of the world’s most security conscious organisations, including the US Department of Homeland Security, the UK Home Office, the UK National Health Service, the Australian Taxation Office, GovTech Singapore, Rabobank and ING.
Since iProov’s Series A in 2019, the cybersecurity company has achieved substantial growth. iProov tripled its revenues from 2020 to 2021, processing more online verifications during one 10-day period in 2021 than in the whole of 2020.
More than a million verifications were completed in a single day several times throughout 2021.
“This investment by one of America’s leading growth funds recognises the preeminent position we have established,” said Andrew Bud, founder and CEO.
“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.”
Kyle Ryland, managing partner at Sumeru, will join the company’s board.
He 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.”