Buguroo secures $11M to expand biometric security internationally
Buguroo has raised $11 million in Series A funding to further advance its deep learning technology for online fraud detection and prevention, and expand global marketing and sales operations following successful growth in Europe and Latin America, the behavioral biometrics company announced.
The company welcomes three new investors Alex Doll and Paul Ayers from Silicon Valley-based Ten Eleven Ventures and Beatriz Gonzalez from Seaya Ventures in Madrid, alongside existing Inveready Technology Investment Group and Conexo Ventures.
“With focused, regional investment in sales and marketing, we have proven the power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, Founder and CEO of buguroo.
“Ten Eleven Ventures is pleased to back another exciting new team using artificial intelligence to transform cybersecurity. Pablo and the buguroo team are talented innovators who have found a unique way to use AI to reduce online fraud. We are so impressed with the customer traction they have in Europe and Latin America. We look forward to helping them build a global cybersecurity company,” said Alex Doll, Managing Partner at Ten Eleven Ventures.
“We are very excited to have the opportunity to join Pablo and the team in their journey to help any kind of organization prevent digital fraud and become the world’s largest database of fraudster digital identities. We are looking forward to supporting them using our experience with high-growth international businesses,” said Aris Xenofontos from Seaya Ventures.
Buguroo combines deep learning with behavioral biometrics, malware detection and device assessment. Protecting over 50 million financial services customers, the company will use the Series A investment to focus on the U.S., U.K., France and Germany, and speed up product developments such as “Fraudster Hunter,” a feature integrated into buguroo’s anti-fraud solution that uses deep learning to detect and analyze behavioral patterns of scammers and protect digital activity from login to logout by preventing issues such as synthetic fraud.
“We are so impressed with buguroo’s achievements so far. This great performance allowed us to choose among top VCs, and we decided to go with Ten Eleven Ventures, best in cybersecurity. We look forward to keep helping Pablo and buguroo’s team to build a global cybersecurity company,” said Ignacio Fonts, Managing Partner of Inveready.
Buguroo builds a digital DNA for each user, a cyber profiled based on malware records and behavioral biometrics and environment parameters such as smartphone and mouse movements, keystrokes, device profiling, and geolocation.
“We are very proud of buguroo’s performance, testimony to the skills, passion and relentless dedication by CEO Pablo de la Riva and his team. We are as well delighted to have Ten Eleven Ventures and Seaya joining in this journey; they are the perfect companions to further expand buguroo’s international success,” said Joaquim Hierro Lopes, Managing Partner of Conexo.