Technology

August 20, 2014

EyeVerify gets $6 million more in equity funding

The Kansas City, Kan., startup has closed a new funding round with investments from Qihoo 360 Technology, Sprint and Wells Fargo.

A Chinese security company, Qihoo 360 Technology, plus Wells Fargo and Sprint are participants in an equity funding round of more than $6 million for EyeVerify Inc.

EyeVerify, based in Kansas City, Kan., has patented biometric technology that uses “eyeprints” instead of passwords or fingerprints for identification on smart devices.

The company designed software for mobile-device cameras to capture images of blood vessels in the whites of the eye and match the image to confirm identity.

The investments bring EyeVerify’s total fundraising to about $10 million since it was founded based on a concept developed by Reza Derakhshani, an associate professor of computer science and engineering at the University of Missouri-Kansas City.

Entrepreneur Toby Rush heads the company that has brought the technology to market.

“No marketplace validation could be stronger than strategic investments by giants in the mobile space,” Rush said in a news release announcing the funding.

The new Series A funding round will allow EyeVerify to “drive mass adoption” of its technology into the financial service, mobile security, telecom, health care and government industries, company officials said.

EyeVerify reached international attention in 2013 when it won a Dutch-based entrepreneurial competition. It became an initial participant in the Wells Fargo Startup Accelerator, an innovation boot camp for entrepreneurs working in the mobile security arena.

Kevin McGinnis, vice president of Sprint’s Pinsight Media+ division, said Sprint was pleased to invest in EyeVerify as part of Sprint’s effort to provide customers with easy-to-use biometric security solutions.

To reach Diane Stafford, call 816-234-4359 or send email to stafford@kcstar.com.

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