Pindrop, a pioneer in voice security and fraud detection, has announced a significant milestone, securing $100m in debt financing from Hercules Capital.
This infusion of funds is earmarked for enhancing Pindrop’s innovative audio, voice, and AI technologies. These advancements aim to bolster the company’s offerings across a variety of sectors including banking, finance, contact centers, insurance, utilities, healthcare, retail, and more.
Contact centers, pivotal in numerous industries, are facing increased risks as cyberattacks become more sophisticated. Over the past two years, contact centre fraud has spiked by 60%, marking the highest levels since 2019. With current trends, it’s estimated that one in every 730 calls to a contact center will be fraudulent by year’s end, posing a $5bn fraud risk to U.S. contact centers. Pindrop’s voice authentication solutions are becoming essential in securing these vulnerable points.
Pindrop is committed to leading the fight against the threats posed by generative AI, shaping the future of voice security and authentication. Having already analyzed over 5.3 billion calls, the company has prevented $2bn in fraud losses and identified 104 million spoof calls. Through leveraging ‘good AI’ to combat ‘bad AI’, Pindrop is making significant strides in combating the threats posed by deepfakes.
Pindrop Founder & CEO, Vijay Balasubramaniyan, said, “We’re pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop.
“This funding will fuel our ongoing growth and innovation in voice and AI technologies. As cyber threats continue to evolve, our mission to stay ahead of fraudsters and protect our customers is more critical than ever. We’re excited about the future as we remain committed to driving advancements that safeguard major institutions and deliver unparalleled security in the digital age.”
In recent developments, Pindrop played a crucial role in identifying the Text-to-Speech (TTS) engine used in the President Biden robocall attack, as AI’s influence on this year’s elections gains more attention from legislators and regulators. Among Pindrop’s notable achievements this year is the launch of Pindrop® Pulse, a cutting-edge audio deepfake detection solution, and the release of their 2024 Voice Intelligence and Security Report. Additionally, they introduced the Pulse Deepfake Warranty, offering customers financial reassurance against undetected deepfake or synthetic voice fraud.
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