iProov, an online biometric face authentication provider, today announced a $70 million growth investment from Sumeru Equity Partners.
Headquartered in Silicon Valley, Sumeru invests in technology firms expand in North America.
iProov will use the new capital from Sumeru to build on its leadership in the United States, expand its international customer base and accelerate the growth of its global partner network.
“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.”
Kyle Ryland, managing partner of Sumeru, is joining the existing iProov board.
“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,” Ryland said. “We’re delighted to support the company in the next phase of its expansion and are very excited about the opportunities that lie ahead.”
iProov was advised on this transaction by Houlihan Lokey and existing investors JRJ Group. Legal advice was provided by Cooley.