Pindrop, which uses audio analysis to provide anti-fraud and authentication technology solutions, has raised $75m in a round led by Google Capital.
The company’s Series C round also featured participation from GV, Andreessen Horowitz, IVP, Citi Ventures and Felicis Ventures. Pindrop said it has now raised $122m to date. With phone fraud, identity theft, and social engineering epidemic measuring over $20bn annually in the US alone, Pindrop provides enterprise solutions to reduce fraud losses and authentication expense for some of the largest call centers in the world.
Founded in 2011, the company currently protects the phone calls of three of the four largest banks in the US as well as many top insurance companies, government agencies, and retailers. Its technology can identify, locate and authenticate phone devices uniquely just from the call audio thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop said its solutions are also allowing customers to reduce call time and improve their customers’ experience. .
Google Capital partner Gene Frantz said: “Voice fraud is a large, expensive and unsolved problem for many enterprises, and Pindrop is taking a truly unique approach, helping its customers save millions of dollars by preventing voice fraud.
“As voice commands become the standard across intelligent assistants, cars, and the Internet of Things, Pindrop is creating the leading authentication and security solution for this exploding market.”
Last year, there was more than $742.7m invested in RegTech companies globally according to data by FinTech Global. The capital was invested across 85 deals, with Q4 2015 being the most active with 25 deals completed. Despite the last quarter having the largest number of deals, Q3 2015 saw the most invested, with $248m spread across 21 deals.
Copyright © 2016 FinTech Global
Copyright © 2018 RegTech Analyst
