Pindrop Security obtains $35 million in financing for voice anti-fraud solution
Pindrop Security announced today that it has closed an additional US$35 million round of financing.
Institutional Venture Partners (IVP) led this second round of financing, with reinvestment from existing investors Andreessen Horowitz, Citi Ventures, Felicis Ventures, Redpoint Ventures and Webb Investment Network.
According to Pindrop Security, which is a leader in phone fraud prevention and call center authentication, this Series B round might be the largest in the history of the security industry.
The financing will assist Pindrop reinforce its position as one of the fast-growing voice anti-fraud and authentication firms in the market. Pindrop’s patented “Phoneprinting” technology, combined with voice biometrics, is a key solution that provides financial institutions, retailers and other enterprises with significant relief from highly organized identity theft attacks, thereby reducing fraud losses and authentication expenses.
Matt Anthony, VP of Marketing at Pindrop Security notes that “Phoneprinting” technology differentiates itself from the competition by analyzing audio artifacts, along with geolocation, to find indications of fraud, whether “esoteric or obvious”.
By using their own patent algorithms and techniques, that in effect re-create and analyze the conditions in which calls are placed, Pindrop claims it is able to identify between 80 to 90 percent of their client’s fraudulent calls.
“Our system analyzes every call and determines whether it is trustworthy or not,” stated Anthony in an exclusive interview with BiometricUpdate.com. “We know that determining the right location, and right device, provides more certitude for our clients.”
According to Anthony, the Pindrop technology, which was developed by the company’s CEO, also utilizes voice biometrics in order to identify and blacklist known fraudsters.
As consequence, according to Vijay Balasubramaniyan, Ph.D., co-founder and CEO of Pindrop Security, the company is “thrilled to have several of the largest U.S. financial institutions and retail companies as customers. This additional investment will enable us to expand operations globally while continuing to serve our current customers with excellence. As the clear leader in the market, Pindrop is establishing the standard for how enterprises secure the call center.”
Additionally, Somesh Dash, a general partner at IVP, who also today joined Pindrop Security’s board of directors stated: “Pindrop has revolutionized phone and call center security and is poised for impressive growth. Already Pindrop is protecting hundreds of millions of bank and retail customers.”