Ant Financial acquires startup using UMKC research to capitalize on smartphone security
EyeVerify, Inc., a Kansas City startup based on technology developed by UMKC School of Computing and Engineering Associate Professor Reza Derakhshani, Ph.D., has been acquired by Ant Financial Services Group, the world’s leading online and mobile financial services provider and operator of Alipay. The announcement was made on Tuesday, Sept. 13.
The biometric technology, developed by Derakhshani and colleagues, including Entrepreneurship Scholar graduate Riddhiman Das, is an application that makes the eye the only password needed to secure smart phones and mobile devices. The technology is currently being commercialized by EyeVerify, where Derakhshani serves as the chief science officer, through an exclusive licensing agreement with UMKC. Das currently serves as a Product Architect with the company.
“We are so proud to have helped to facilitate Dr. Derakshani’s research,” said Dean Kevin Z. Truman, UMKC School of Computing and Engineering. “This cutting-edge technology was developed and perfected in the labs here at the School of Computing and Engineering, due to the innovative spirit and hard work of a faculty member who has contributed so much to our university community.”
EyeprintID™ is a patented, secure mobile eye verification technology. An Eyeprint contains the visible veins and other unique micro features in and around the eye and are highly complex and unique to every individual. They can never be lost, stolen or intercepted because the technology scrambles and encrypts the Eyeprint data locally – so it never leaves the device. EyeVerify currently has 17 U.S. patents issued and 15 more patents pending to continue to expand the technology.
The university will receive a portion of the proceeds through its license with EyeVerify. The research partnerships will continue between UMKC and EyeVerify into the future.