Pindrop raises $75M to expand voice biometrics anti-fraud technology
Voice biometrics-based anti-fraud firm Pindrop Security has raised $75 million in a Series C funding round, which it plans to use to expand internationally and increase its investments in research and new product development, according to a report by Techcrunch.
The funding round adds to the $47 million Pindrop has already raised since launching the startup in 2012.
Led by Google Capital, the round also included investors Google Ventures, Citi Ventures, and Felicis Ventures, as well as Andreessen Horowitz and Institutional Venture Partners, who led Series A and Series B rounds, respectively.
Pindrop’s Call Center Anti-Fraud solutions protect businesses against fraudulent attacks by analyzing phone calls to identify malicious behavior and verify legitimate callers.
Supported by its patented Phoneprinting technology, Pindrop’s solutions are used by several major banks, insurers, government agencies, brokerages and retailers in the US.
In only 30 seconds, Phoneprinting can take and segment an audio call into 147 unique call features to generate a unique identifier for each caller.
The technology analyzes basic data about each call to determine where it originates, and whether it is from a landline, cellphone or a VoIP number (the majority of fraudulent calls are established via VoIP lines).
Currently operating out of a 10-person office in the UK, Pindrop said it now plans to expand its reach across the EMEA region.
The company is also working on establishing operations in Latin America, after which it plans to move to Asia Pacific in late 2016.
In July 2015, Pindrop released Fraud Detection System 2.4 (FDS), which provides new tools to help fraud analysts and call center technologists to more effectively identify and predict fraudulent activity.