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Sumeru's new funding provides iProov with the fuel it needs to accelerate its expansion as demand for online biometric face authentication grows around the world.
Fremont, CA: The market for digital identity infrastructure and services is expanding globally due to the new prospects in IoT identity and wearables. Sumeru Equity Partners has made a $70 million (USD) growth investment in iProov, the world leader in online biometric facial authentication.
iProov will use the new capital from Sumeru to swiftly expand its international customer base, accelerate the expansion of its global partner network, and maintain its position at the forefront of technology innovation while hiring top-quality employees around the world.
Since iProov's Series A in 2019, the cybersecurity firm has grown significantly. From 2020 to 2021, iProov tripled its revenue, conducting more online verifications in a 10-day period in 2021 than in the entire year of 2020. Several times throughout 2021, more than one million verifications were conducted in a single day.
"This investment by one of America's leading growth funds recognizes the preeminent position we have established," states 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. Our strong balance sheet will give our customers and partners confidence in our long-term ability to keep them and their customers secure."
“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,” states 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.”