London-based cybersecurity firm iProov has raised $ 70 million in a growth investment through Silicon Valley’s Sumeru Equity Partners. The new inflow of capital will allow the company to rapidly expand its presence in the US market and stimulate its international growth.
Taking the issue of online identity head-on, iProov has been developing and delivering solutions since 2011 that authenticate remote users online. With a unique approach to identity theft prevention (covered by 12 issued patents), the company ensures that online users are truly present in uncontrolled environments – that is, they do not use masks, do not replay attack, do not access compromised devices, and perhaps the most vital of the list, using deep bogus technologies.
With the pandemic giving way to a massive increase in online attacks and cybercrime, it’s no surprise that iProov has seen its revenues triple during 2020 to 2021. Demand for the company’s technology is growing. so strong that they claim to process more. Online checks for a 10-day period in 2021 than for the whole of 2020, with several days having seen over a million checks completed in a single day.
With a proven track record and ability to deliver, iProov has the US Department of Homeland Security, UK Home Office, UK National Health Service (NHS), Australian Taxation Office, GovTech Singapore, Rabobank , ING and similar entities among its customers.
“This investment from one of America’s leading growth funds recognizes the preeminent position we have established,” said CEO and Founder Andrew Bud. “Our potential is huge and we now have the resources to grow in the United States and around the world. Our strong track record will give our customers and partners confidence in our long-term ability to keep them and their customers safe. “
iProov completed a Series A funding round in 2019 for an undisclosed amount and has been rather discreet about the amount of capital they have raised. Only One Financial Hit appears on the radar, a $ 198,407 award from the Department of Homeland Security’s Directorate of Science and Technology (S&T) in 2020.
Previous investors include Microsoft Accelerator London, Startupbootcamp Fintech & Cybersecurity, and JRJ Group.