Incognia locks $31M in series B funding for biometric, location ID offerings
Having secured $15.5 million in Series A funding in mid-2022, Incognia has announced the closing of double that amount in Series B funding for its behavioral biometrics and location identity products. The funding is led by Bessemer Venture Partners, with participation from FJ Labs and several existing investors, according to a press release.
“This funding from Bessemer is further recognition of our innovative approach, and their support of Incognia is particularly significant given Bessemer’s expertise in the fraud prevention industry,” says André Ferraz, co-founder and CEO of Incognia. “Bessemer has a strong track record of supporting game-changing SaaS solutions from companies like Twilio, Shopify, Toast, and Auth0, and we’re thrilled to be listed among these trailblazers in tech.”
The money will bolster existing operations in North America and EMEA, expansion into new verticals for consumer internet and financial services, and product development. The firm’s location authentication technology combines device fingerprinting and exact location intelligence data to generate a single flexible risk signal. It provides device tamper detection with location spoofing prevention, tamper-proof location verification for user ID, and phishing-resistant account security.
Per the release, used individually or in combination, these features result in an 80 percent reduction in account takeovers, a 51 percent reduction in fake account creation, and an 84 percent reduction in new user abandonment.
“After years of development, André and the Incognia team have unlocked the power of highly precise location awareness coupled with best-in-class device fingerprinting to generate fraud prevention signals, unlike any other vendor in the market,” says Charles Birnbaum, partner at Bessemer Venture Partners. “Incognia is quickly emerging as a market leader addressing fraud across a variety of customer segments, which is critical in today’s environment as fraudsters become increasingly sophisticated thanks to recent GenAI breakthroughs and the global proliferation of real-time payments.”
The numbers support his claim: since the June 2022 Series A funding, the company has tripled revenue, realized 200 percent net revenue retention and converted 100 percent of trials.
Headquartered in California, Incognia also operates offices in New York, São Paulo and Recife.