EyeVerify, which developed a biometric technology that eliminates passwords on smart devices, has completed a Series A funding round of more than $6 million. The funding included participation of companies including Qihoo 360, Sprint and Wells Fargo. EyeVerify’s current investors also joined in the funding round.
EyeVerify Inc., creator of Eyeprint ID™, the patented biometric technology that eliminates passwords on smart devices, today announced the completion of its Series A equity funding round of more than $6 million with participation by companies including Qihoo 360 (NYSE: QIHU), Sprint (NYSE: S) and Wells Fargo (NYSE: WFC). The participation of Qihoo 360, Sprint and other mobile partners was unveiled in a Wall Street Journal article last month.
Toby Rush, CEO and Founder of EyeVerify, said, “No marketplace validation could be stronger than strategic investments by giants in the mobile space, including the largest security software firm in world, the leading bank in the U.S., and a wireless network operator serving more than 50 million U.S. customers.”
EyeVerify is an inaugural participant in the Wells Fargo Startup Accelerator, announced by the bank today. The Startup Accelerator is a semiannual boot camp for innovators whose technology ideas could shape future customer experiences in financial services.
Steve Ellis, head of Wholesale Services at Wells Fargo, said, “We’re excited to be investing in EyeVerify through our accelerator. It represents precisely the technology innovation in mobile security for financial services and E-commerce that is important to us.”
The financial services industry is one of the largest industries to benefit from affordable, easy-to-use, secure biometric solutions such as Eyeprint ID. According to Rush, examples of how financial institutions can utilize Eyeprint ID include protecting employees’ phones via mobile device management, protecting customers’ phones when they conduct mobile banking, and ensuring safe and secure mobile mortgage, insurance, investment, card, and electronic payments.
Eye biometrics have historically been confined to narrow realms such as military bases or fictional realms such as Hollywood movies. Several intersecting “megatrends” are accelerating market adoption for Eyeprint ID, including the Heartbleed bug and password hacking, widespread Internet privacy concerns, rapid improvement in front-facing smart device camera quality and the wild popularity of selfies on social media.
In addition to Wells Fargo’s investment with EyeVerify, Sprint also cemented its commitment to Eyeprint ID.
“Our customers’ privacy and security are of utmost importance to Sprint,” said Kevin McGinnis, vice president of Sprint’s Pinsight Media+ division. “With mobile security evolving beyond passwords, we are pleased to invest in EyeVerify and its easy-to-use innovative biometric solution.”
The Series A round enables EyeVerify to drive mass adoption of its Eyeprint ID biometric technology directly and through key channel partners and markets including financial services, enterprise mobility management, mobile security, telecoms, healthcare and government. Eyeprint ID is available to enterprises through Good Technology™, to banks throughout Australia via The System Works Group, and is expected to be available for AirWatch Secure Content Locker customers later this year.
“We are fortunate to have a breakthrough technology that delivers a simple, secure, and private solution that eliminates password pain and password security risk, addressing a massive and escalating market need,” Rush added.
The company’s current investors also joined the Series A. This round of financing brings total funds raised by the company to approximately $10 million.
About EyeVerify Inc.
EyeVerify Inc. is the creator of Eyeprint ID™ — transforming a picture of your eye into a key that protects your digital life. Eyeprint ID is a highly accurate biometric technology for smart devices that delivers a password-free mobile experience and secure authentication at a glance. This patented solution uses the existing cameras on mobile devices to image and pattern-match the blood vessels in the whites of the eye.