London’s iProov secures £52m for online facial biometric authentication

iProov funding

iProov, a London-based cybersecurity company that provides online facial biometric authentication used by governments and the private sector, has secured $70m (£51.6m) in funding from Sumeru Equity Partners.

As a part of the growth investment, Kyle Ryland, managing partner of Sumeru, is joining the iProov board.

iProov said it will use the funding to cement its position in the US, expand its international customer base, accelerate the growth of its global partner network and scale its workforce. 

“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. “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.”

Founded by Bud in 2013, iProov’s patented technologies, including Genuine Presence Assurance and Liveness Assurance, are used for onboarding and authentication. 

Its biometric technology verifies a person’s online identity to help protect against spoof attacks from photos, videos, masks, digital injection attacks, and deepfakes. 

The company’s product is used by clients such as the US Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others. 

The UK company says it has tripled revenues from 2020 to 2021. More than 1 million verifications were completed in a single day several times throughout 2021, the company claims.  

“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 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.”