Deep Labs closes $16M investment to scale behavioral biometrics platform
Deep Labs has closed the initial tranche of a funding deal worth $16 million to invest in expanding its behavioral biometrics and persona-based intelligence decisioning and security platform, the company announced.
The investor group was led by Gunnar Overstrom, Partner at Corsair Capital, Serendipity Capital and Gramercy Ventures. Overstrom and Robert Jesudason, Founding Partner of Serendipity Capital, have joined the Board of Directors.
Founded in 2016, Deep Labs develops solutions for transaction authentication and authorization by deploying behavioral biometrics and persona-based intelligence. The software uses behavioral biometrics, facial and iris recognition, device identification and identity and transaction data to prevent fraud, authenticate new users, and authorize transactions.
“We built Deep Labs with the objective of moving the world of decisioning from a static, one dimensional process to a multi-dimensional one that uses the most modern computing and mathematical methods available,” said Dr. Scott Edington, CEO, in a prepared statement. “With next-generation, persona-based intelligence that leverages true context-aware computing, our innovative products represent a new way for businesses and their customers to understand how an actor’s behavior changes as it moves through time and space. I believe we have the team, the technology and the financial and strategic support to redefine authentication and authorization.”
In an interview with Biometric Update, Dr. Edington explained that the persona-based approach is the strategic distinction to other software, because ID security is not analyzed from multiple points of view. User behavior changes throughout the day depending on activities and health, which is why users can exhibit different personas.
The platform improves customer experience, helps companies reduce fraud and increase revenue. Deep Labs’ client portfolio includes Visa, American Express, Clear, and the U.S. Government, while partners include Mastercard, NICE Actimize, Booz Allen Hamilton, and General Dynamics Information Technology.
“Deep Labs is a critical partner for Mastercard, particularly as we focus on enabling hyper-personalized services for citizens around the world,” said Miguel Gamiño Jr., Executive Vice President for Global Cities at Mastercard, in a prepared statement. “By bringing together Deep Labs’ unique technology with our platforms, we are able to enhance our offering and provide greater access to city services, identification, disbursements and secure payment capabilities. We are excited to continue our collaboration with the Deep Labs team.”
Deep Labs received legal counsel from Troutman Sanders, investment banking advice from Rosenblatt Securities and used Advection Growth Capital as merchant bank.