EyeVerify
| Company type | Private |
|---|---|
| Industry | Biometric security |
| Founded | 2012 |
| Founder | Toby Rush |
| Headquarters | Kansas City, Missouri , United States |
Key people | Reza Derakhshani (Chief Science Officer) |
| Products | Eyeprint ID |
| Owner | Ant Group |
EyeVerify, Inc. is a biometric security firm based in Kansas City, Missouri, operating under the ownership of Ant Group. Its premier offering, Eyeprint ID, verifies mobile users by examining distinctive eye vein patterns and fine ocular features. The company primarily licenses this technology for mobile banking, collaborating with organizations like Tangerine Bank, NCR/Digital Insight, and Wells Fargo.
About
Situated in Kansas City's Crossroads district among other technology enterprises, EyeVerify specializes in biometric user authentication via its Eyeprint ID platform. This system authenticates individuals by analyzing the vascular patterns within the sclera (the eye’s white area) alongside various microscopic eye characteristics. An independent evaluation by iBeta validated Eyeprint ID for Electronic Prescription of Controlled Substance (EPCS) use, confirming its suitability and security for sensitive transactions.
History
The company was established in 2012 by entrepreneur Toby Rush following a visit to University of Missouri-Kansas City professor Reza Derakhshani’s laboratory, where the patented Eyeprint ID vein recognition technology originated. Derakhshani currently holds the role of chief science officer at EyeVerify.
In September 2016, Ant Group, Alibaba Group’s financial services division, acquired EyeVerify for $100 million.
Investors
Prior to being acquired, EyeVerify secured more than $6 million in funding from backers such as Wells Fargo, Sprint, Qihoo 360, Samsung Electronics, Mid-America Angels, and Nebraska Angels. The company also took part in the Wells Fargo Startup Accelerator program focused on innovations in mobile security.
Financial services
EyeVerify’s Eyeprint ID has been embraced by leading financial institutions worldwide. In April 2016, Tangerine Bank became the first Canadian bank to implement the technology. Wells Fargo revealed intentions to roll out Eyeprint ID during summer 2016, emphasizing its greater accuracy compared to voice and facial recognition methods.
In October 2015, RSA Security incorporated Eyeprint ID into its Adaptive Authentication SDK to bolster biometric verification for high-risk operations. Additionally, EyeVerify partnered with Olcsan CAD to distribute its solution across Turkey and Europe, including integration within Vodafone Turkey’s mobile wallet platform.
Mountain America Credit Union carried out a beta introduction of Eyeprint ID as part of a dual biometric authentication initiative—becoming the first U.S. financial institution to officially deploy it. Digital Insight (an NCR subsidiary) integrated Eyeprint ID into its mobile banking system in early 2015; by late 2015, five credit unions using Digital Insight—including Service Credit Union and First Internet Bank—had adopted the technology. By the close of 2016, many additional institutions followed their lead.
To broaden biometric authentication offerings within financial services, EyeVerify sustains strategic alliances with technology providers such as Comarch, Hypr, and BioConnect.
Spoofing and liveness detection
On September 29, 2015, a YouTube video showcased an attempt to spoof Eyeprint ID utilizing version 2.3.6 of the demonstration application. Subsequently, the Play Store app description was revised to specify that this demo features only basic liveness detection and that spoofing results from this version do not represent the capabilities of the full product offered through EyeVerify's partners. The version of Eyeprint ID integrated by partners includes advanced liveness detection mechanisms designed to thwart spoofing efforts.
Recognition & awards
- 2013, Winner of Get in the Ring competitions both in the U.S. and internationally
- 2014, Honored with "Rookie of the Year" and "Technology Innovation" awards by Compass Intelligence Mobility
- 2015, Recognized as a "Cool Vendor" in Mobile and Wireless by Gartner
- 2016, Awarded "Best of Show" at FinovateEurope
- 2016, Received "Best of Show" accolade at FinovateAsia