Biometric ID firm AimBrain has closed its $5.1m financing round

June 21, 2017 - 

London-based biometric identification startup AimBrain has closed its £4 million (US$5.1 million) Series A round, according to a report by B Daily.

Founded in 2015 by Andrius Sutas and Alesis Novak, AimBrain’s latest round of funding has been led by BGF Ventures alongside Episode1, Entrepreneur First and angels including Simon Rozas, Chris Mairs and Charles Songhurst.

The company will use the funds to grow out its ‘biometrics as a service’ offering, which is primarily targeted at financial services businesses and uses deep learning to provide seamless biometric identity authentication.

The platform uses behavioral biometrics, as well as voice and facial recognition to help combat fraud attacks in a cost-efficient and seamless method.

AimBrain co-founder Andrius Sutas said that the company is the ‘leading’ provider of biometric identity as a service to combat the continuous threat of global banking fraud.

“We know that financial institutions have a big problem with fraud prevention – and customers are not getting the best experience,” said Sutas. “That’s why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.”

Sutas said that AimBrain’s system provides businesses with the ability to combine its different biometric authentication technology, and is flexible enough to integrate into most systems and work in concert with current processes.

According to Sutas, ‘no single’ biometric approach is 100 percent failsafe on its own and the company’s evolving platforms and technology continually outperformed the market in tests.

“Building our own technology is extremely important because it allows us to fully control our roadmap, deployments and business cases but it does require the best people,” said Sutas. “This investment will be crucial in helping us to expand our already world-class team.”

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.