EyeVerify

EyeVerify is a biometric-security technology company headquartered in Kansas City, Missouri. Its principal technology, Eyeprint ID, is designed to verify a person's identity by analyzing distinctive patterns in and around the eye, including blood-vessel patterns visible in the sclera, or the white of the eye, together with other eye-based micro-features. The system uses images captured by a mobile device to support authentication and was positioned primarily as a software component for mobile banking, payments, digital identity, and other applications requiring additional user verification. The company was founded in 2012 by entrepreneur Toby Rush after he visited the laboratory of Reza Derakhshani, a University of Missouri–Kansas City professor whose research underpinned the eye-vein verification approach. Derakhshani held the patent associated with Eyeprint ID and became EyeVerify's chief science officer. The business developed in Kansas City's Crossroads neighborhood and participated in the region's technology and startup ecosystem. EyeVerify pursued a software-licensing model rather than selling a consumer hardware product. Its technology was integrated into mobile-banking platforms and authentication software used by financial institutions and technology providers. Digital Insight, an NCR business, announced an integration into its mobile-banking platform in 2015, enabling credit unions and banks including Service Credit Union, Arizona Federal Credit Union, CommunityAmerica Credit Union, First Internet Bank, and Evansville Teachers Federal Credit Union to offer Eyeprint ID. Other relationships included RSA Security, Comarch, HYPR, BioConnect, and Olcsan CAD. In Turkey, an announced project connected the technology with Vodafone Turkey's mobile-wallet service. Financial institutions also tested or deployed the technology directly. Mountain America Credit Union conducted a U.S. beta launch as part of a dual-biometric authentication system. Tangerine Bank became the first Canadian financial institution identified in the reference material to offer Eyeprint ID. Wells Fargo discussed a planned 2016 implementation and had previously participated in the company's financing and startup-accelerator ecosystem. EyeVerify's value proposition centered on adding biometric verification inside an existing mobile-app experience while avoiding some of the environmental variability associated with voice and facial recognition. The company's technology received third-party and industry recognition. An iBeta assessment found that Eyeprint ID met requirements for inclusion as a built-in subsystem in an Electronic Prescription of Controlled Substance application. EyeVerify also received startup and mobility-industry awards, including recognition at Get in the Ring, the Compass Intelligence Mobility Awards, Gartner's Cool Vendor designation, and Finovate events. In September 2016, Ant Group, the financial-services affiliate of Alibaba Group, acquired EyeVerify for an estimated $100 million. Before the acquisition, investors and strategic participants reportedly included Wells Fargo, Sprint, Qihoo 360, Samsung Electronics, Mid-America Angels, and Nebraska Angels, with prior investment described as exceeding $6 million. The acquisition placed EyeVerify within Ant Group's broader financial-technology portfolio. Publicly available reference material does not establish a later rebranding, product discontinuation, or separate public listing, so its current operating status and management structure require verification.

EyeVerify emerged from research into biometric identification using patterns visible in and around the human eye. In 2012, entrepreneur Toby Rush established the company after visiting the laboratory of Reza Derakhshani at the University of Missouri–Kansas City. Derakhshani's research formed the technical basis for Eyeprint ID, and he later served as EyeVerify's chief science officer while retaining the patent associated with the technology. The company developed in Kansas City's Crossroads neighborhood and focused on commercializing eye-based authentication through software licensing. Rather than requiring a dedicated scanner, Eyeprint ID used images captured by mobile devices to analyze eye-vein patterns in the sclera and other micro-features. The product was intended for authentication within mobile applications, particularly financial-services applications where institutions wanted stronger verification without relying solely on passwords or one-time codes. EyeVerify built relationships across the financial-technology and cybersecurity sectors. Digital Insight, an NCR division, announced in February 2015 that it would integrate Eyeprint ID into its mobile-banking platform. By October of that year, several participating institutions were identified as using the technology, and the reference material states that dozens of Digital Insight credit unions had launched it by the end of 2016. RSA Security incorporated Eyeprint ID into its Adaptive Authentication Software Development Kit in October 2015 for biometric step-up authentication. Additional partnerships involved Comarch, HYPR, BioConnect, and Olcsan CAD. The latter relationship included an integration project for Vodafone Turkey's mobile-wallet service. Financial institutions also used or evaluated the technology directly. Mountain America Credit Union conducted a beta launch as part of a dual-biometric authentication system. Tangerine Bank became the first Canadian financial institution identified as offering Eyeprint ID in April 2016. Wells Fargo discussed an intended summer 2016 deployment and had been associated with EyeVerify both as an investor and through its startup accelerator. The company reported or received support from other strategic and angel investors, including Sprint, Qihoo 360, Samsung Electronics, Mid-America Angels, and Nebraska Angels. Security testing and public demonstrations shaped the product's messaging. In September 2015, a video showed a spoof against a publicly available demonstration application. EyeVerify responded by distinguishing the demo's limited liveness detection from the version supplied to commercial partners, which incorporated liveness detection intended to resist spoofing. Separately, iBeta conducted an assessment that found Eyeprint ID suitable for inclusion as a subsystem in an Electronic Prescription of Controlled Substance application. EyeVerify received recognition at startup and financial-technology events. Its awards and distinctions included winning Get in the Ring in 2013, receiving Compass Intelligence Mobility Awards in 2014, being named a Gartner Cool Vendor in Mobile and Wireless in 2015, and winning Best of Show at FinovateEurope and FinovateAsia in 2016. Ant Group acquired EyeVerify in September 2016. The transaction was reported at an estimated value of $100 million. Following the acquisition, EyeVerify became part of Ant Group, the financial-services technology company associated with Alibaba Group. The available reference material does not provide enough information to confirm EyeVerify's post-acquisition corporate structure, current leadership, product availability, or whether the brand continues to operate independently.

• 2016

  Finovate awards

  [1]EyeVerifyen.wikipedia.org

  EyeVerify won Best of Show awards at FinovateEurope and FinovateAsia.

• 2016

  Acquisition by Ant Group

  [1]EyeVerifyen.wikipedia.org

  Ant Group acquired EyeVerify in September for an estimated $100 million.

• 2015

  RSA integration

  [1]EyeVerifyen.wikipedia.org

  RSA Security added Eyeprint ID to its Adaptive Authentication Software Development Kit.

• 2015

  Gartner Cool Vendor designation

  [1]EyeVerifyen.wikipedia.org

  Gartner named EyeVerify a Cool Vendor in Mobile and Wireless.

• 2014

  Compass Intelligence Mobility Awards

  [1]EyeVerifyen.wikipedia.org

  The company received Rookie of the Year and Technology Innovation honors at the Compass Intelligence Mobility Awards.

• 2013

  Get in the Ring recognition

  [1]EyeVerifyen.wikipedia.org

  EyeVerify was recognized as a U.S. and international winner at the Get in the Ring startup competition.

• 2012

  EyeVerify is founded

  [1]EyeVerifyen.wikipedia.org

  Toby Rush founded EyeVerify after engaging with Reza Derakhshani's university research into eye-vein verification.

Enterprise biometric authentication for mobile banking, payments, digital identity, and other security-sensitive applications, using eye-based visual features as an alternative or complement to passwords, voice recognition, facial recognition, and other biometric methods.

• Biometric authentication software

  Eyeprint ID

  Eyeprint ID is EyeVerify's flagship biometric-verification system. It uses images of the eye captured by a mobile device to examine patterns in the sclera and other micro-features around the eye, including visible blood-vessel structures. The product was licensed for integration into mobile-banking applications, authentication software development kits, digital wallets, and other security-sensitive services. Commercial partner versions included liveness-detection capabilities intended to make spoofing more difficult.

• 2016

  Accept acquisition by Ant GroupM&A

  Background

  EyeVerify had developed a licensing business around mobile biometric authentication and had attracted strategic and angel investment from financial, telecommunications, technology, and security companies.

  Action taken

  Ant Group acquired EyeVerify in September 2016 for an estimated $100 million.

  Aftermath

  The acquisition placed EyeVerify within Ant Group's financial-technology group. The available reference material does not establish the subsequent standalone status of the brand or product.

  Estimated acquisition value. $100 million estimated transaction value (September 2016)

  Source

1. 1EyeVerifyen.wikipedia.org