iProov, the London-based online biometric face authentication firm, announced a $70 million investment from Sumeru Equity Partners on Thursday (Jan. 6).
Headquartered in Silicon Valley, Sumeru said it invests in technology firms that they say have the potential to change the world. They are focused on assisting companies expanding in North America.
“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” said Andrew Bud, founder and CEO of iProov, in a statement. “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 said it will use the cash to build on its U.S. business and expand internationally, accelerate the growth of its global partner network, and stay at the forefront of technology innovation while hiring more staff worldwide.
The company said its patented technologies, Genuine Presence Assurance and Liveness Assurance are used by many security conscious organizations, including the U.S. Department of Homeland Security, the U.K. Home Office, the U.K. National Health Service, the Australian Taxation Office, GovTech Singapore, Rabobank and ING.
Since its launch in 2013, the cybersecurity company said it has grown dramatically. iProov said it tripled its revenues from 2020 to 2021. It also celebrated processing more online verifications during one 10-day period last year than in all of 2020. More than 1 million verifications were completed in a single day several times throughout 2021, the company said.
In December’s Digital Identity Tracker®, PYMNTS examined how and why government-supported digital identities are taking shape globally and what role these tools could play in the future of the digital world.
Read more: TSA Sees Biometrics as Next-Gen ID Verification Tool