February 21, 2015 in News from Our Companies

Pindrop Security closes $35 million investment

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http://www.pindropsecurity.comPindrop Security, a Graduate Company of the Advanced Technology Development Center, announced a $35 million Series B round of financing.

Pindrop Security, a pioneer in phone fraud prevention and call center authentication, said the capital raise is one of the largest Series B rounds in the history of the security industry. Institutional Venture Partners (IVP) led the round with reinvestment from existing investors Andreessen Horowitz, Citi Ventures, Felicis Ventures, Redpoint Ventures and Webb Investment Network. IVP’s general partner Somesh Dash will join Pindrop Security’s board of directors.

This round of financing reinforces Pindrop’s leadership in the fast-growing voice anti-fraud and authentication market. Financial institutions, retailers and other enterprises are overwhelmed with identity theft and social engineering attacks from organized, professional attackers. Pindrop’s patented Phoneprinting technology, combined with voice biometrics, is the first and only solution to provide significant relief from these attacks, reducing fraud losses and authentication expenses.

“Over 6 billion individuals across the globe have access to a phone, yet there has been little security innovation in phone or voice,” said Somesh Dash, general partner at IVP. “Pindrop has revolutionized phone and call center security and is poised for impressive growth. Already Pindrop is protecting hundreds of millions of bank and retail customers.”

Large financial institutions have traditionally invested heavily to protect themselves against physical and online attacks, but criminals now have moved to the phone channel, said Paul Judge, Pindrop Security’s executive chairman and co-founder.

“This phone-based crime costs companies billions of dollars, which has made the demand for Pindrop products incredibly high,” Judge said.

“We are thrilled to have several of the largest U.S. financial institutions and retail companies as customers,” said Vijay Balasubramaniyan, Pindrop Security’s co-founder and chief executive officer. “This additional investment will enable us to expand operations globally while continuing to serve our current customers with excellence.”

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