London-based cybersecurity firm iProov has raised $70 million in a growth investment via Silicon Valley’s Sumeru Equity Partners. The fresh influx of capital will allow the company to rapidly expand its presence in the US market and drive international growth.
Taking the online identity problem head-on, since 2011 iProov has been developing and delivering solutions that authenticate remote users online. With a unique approach to spoof prevention (covered by 12 granted patents), the company ensures that online users are genuinely present in uncontrolled environments, i.e. not employing masks, replay attacks, accessing compromised devices, and perhaps the most vital one on the list, using any deep fake technologies.
With the pandemic giving way to a massive surge in online attacks and cyber-crime, it should come as no surprise that iProov saw revenues triple over the course of 2020 to 2021. So strong is the demand for the company’s technology that they report processing more online verifications during one 10 day period in 2021 than in the whole of 2020, with several days seeing upwards of 1 million verifications completed in a single day.
With a proven track record, and ability to deliver, iProov counts 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 similar entities amongst its client base.
“This investment by one of America’s leading growth funds recognizes the preeminent position we have established,” said CEO and founder Andrew Bud. “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 concluded a Series A funding round in 2019 for an undisclosed amount and has been rather tight-lipped on just how much capital they’ve raised. Only one financial blip appears on the radar, an award of $198,407 from The U.S. Department of Homeland Security Science and Technology Directorate (S&T) in 2020.