BioCatch raises $10M, looks to expand R&D, growth in key markets
Biometric authentication and threat detection provider BioCatch announced on Tuesday t it has completed a $10 million financing round, which will be used to expand R&D efforts and continue growth in key markets, including the US and Europe.
The financing round was led by venture capital firm Blumberg Capital and equity crowdfunding firm OurCrowd, which was joined by a handful of existing investors.
As part of the new partnership, Ron Moritz of OurCrowd and Alon Lifshitz of Blumberg Capital will be joining BioCatch’s board of directors.
Reported previously, BioCatch uses behavioral biometric measures to add a layer of security for ecommerce websites. The company says enterprises use BioCatch as a tool to improve the employee authentication experience while protecting access to critical IT assets.
“BioCatch’s goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and eCommerce sites,” BioCatch CEO Benny Rosenbaum said. “This funding will allow us to continue strengthening our offering and expand our global reach in strategic markets, while keeping the world’s largest and most influential institutions safe and secure.”
According to the company, BioCatch can be integrated into existing security structures and is compatible with other fraud detection systems. The solution has demonstrated an 80 percent reduction in false positives for detecting the same amount of fraud, as well as spotted cybercrime activities that other solutions failed to detect such as remote access attacks and malware.