Sumeru Equity Partners recently invested $70 million in iProov, a cybersecurity company that develops online biometric facial authentication.
Based in Catonsville, Maryland, iProov will use the infusion of capital to expand its position in the United States and grow its global footprint, according to a Jan. 6 news release. The funds will help the company grow its global partner network and allow it to hire more people.
“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” Andrew Bud, founder and CEO of iProov, said in the release. “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.”
A key offering by iProov, the release noted, is its Genuine Presence Assurance and Liveness Assurance, patented technologies that are used by a range of security-conscious entities, including the U.S. Department of Homeland Security, as well as organizations in the United Kingdom, Australia and Singapore.
According to the release, iProov had a round of Series A funding in 2019 and tripled its revenue from 2020 to 2021. The release also noted the company was able to complete 1 million verifications in a single day on several occasions last year.
Sumeru, which is headquartered in Silicon Valley in California, has made more than 50 investments in enterprise technology companies, the release stated.