Banking biometrics firm Iluma lands $9M funding round

Voice authentication company Illuma Labs, which provides services to the banking sector, has landed US$9 million in Series A funding.

The funding round was led by Texas-based LiveOak Ventures, with participation from Forefront Venture Partners, Curql Fund, UsNet, Capital Factory, Connexus and TDECU.

Illuma supplies its products to financial companies and banking call centers, including its real-time biometric voice authentication technology Illuma Shield. The Plano, Texas-headquartered fintech firm says that the funding will be used to develop voice verification solutions and address deepfakes, voice cloning and other types of fraud.

“While we are excited about the capital infusion to accelerate our development of fraud prevention and deep fake detection tools, we are equally excited about bringing in new partners to fuel Illuma’s continued commercial growth,” says the company founder and CEO, Milind Borkar.

Illuma has received the 2024 CreditUnions.com award in the fraud category, according to the company’s release. In June, it integrated its product with customer interaction platform Glia.

Article Topics

biometrics  |  funding  |  Illuma Labs  |  research and development  |  voice authentication  |  voice biometrics