iProov raises $70 million to fuel businesss growth
iProov announced a $70 million growth investment from Sumeru Equity Partners (“Sumeru”).
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.
iProov will use the new capital from Sumeru to rapidly build on its leadership in the United States and expand its international customer base, accelerate the growth of its global partner network, and maintain its position at the forefront of technology innovation while hiring top-quality staff worldwide.
iProov’s patented technologies, Genuine Presence Assurance and Liveness Assurance, are trusted by many of the world’s most security conscious organizations, including the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others.
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 1 million verifications were completed in a single day several times throughout 2021.
“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.”
“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.”
Kyle Ryland, Managing Partner of Sumeru, is joining the existing iProov board. iProov was advised on this transaction by Houlihan Lokey and existing investors JRJ Group. Legal advice was provided by Cooley.