Illuma Labs brings 2 credit union customers onboard as voice biometrics investors
Illuma Labs is raised funds from two of its existing credit union customers after demonstrating the effectiveness of its voice biometrics specific to the sector.
Connexus Credit Union was the lead investor, with TDECU participating.
Connexus deployed Illuma’s in July, 2020, as one of the early adopters of voice authentication in the call center, according to the announcement. Texas-based TDECU deployed the Illuma Shield solution for biometric voice authentication last year, and enrolled more than 70,000 members to it within the first year of use.
“It is a HUGE honor when a client that has thoroughly tested and validated our voice authentication solutions decides to double down their support and invest in our future together,” writes Illuma Founder CEO Milind Borkar wrote in a reply to a LinkedIn post. Connexus Credit Union was one of the first believers in Illuma and we are excited to welcome them to our cap table!”
The funds will be used for continuous product development and service expansion.
The total raised was not disclosed. The investment follows a familiar pattern for the company though, with the New York Credit Union Association and an affiliate investing undisclosed amounts in the company in June. A year earlier, Illuma picked up $2.5 million from Curql Fund I.
“Too often, adoption of increased security measures results in less convenient, less pleasant customer service interactions,” says Chad Rogers, Connexus EVP and COO. “That said, our collaborative two-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite. Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their customer service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions.”
Illuma says it has secured several investment partners and won multiple awards so far in 2022, and is set up for growth through new features, integrations, and market opportunities.