Biometric technology developer TypingDNA has raised $1.5m in its Seed round of funding.
The investment was led by European venture firm GapMinder Venture Partners and a number of backers from the US, UK and Europe, including Gecad Ventures and Techstars NYC. Various angels also participated in the round spanning banking, financial services, enterprise, AI and cybersecurity, and the founders of DataDog, WayUp and UiPath.
TypinyDNA is an AI-powered typing biometrics company which helps financial institutions to improve their digital fraud protection processes. The Romanian company offers an API which is capable of identifying a person based on the way that they type, and without any other form of identification.
The technology analyses how a user presses keys and the manner they type and categorises this into a typing pattern. This technology can then compare its database with new inputs and uncover any false matches, preventing fraud through identity theft.
Through the line of capital, the company will look to improve its technology, and grow its presence within the financial and enterprise sectors. Alongside this, TypingDNA is hoping to add more partnerships to its belt and increase awareness of their fraud prevention capabilities.
GapMinder partner Cosmin Ochisor said, “We are constantly looking in the areas which can make a strong statement in what we call change, and AI is one of the main areas where we put our eyes and money. TypingDNA biometrics technology is using proprietary pattern recognition, anomaly detection and one shot learning algorithms, adding a lot of value to the bottom line. We feel TypingDNA is at the forefront of the ‘AI-first’ wave.”
Last week, biometric technology developer for payments Zwipe pulled in $14m for a new round of funding. The capital was raised just ahead of its planned launch on the Merkur Market, Oslo Børs.
Copyright © 2019 FinTech Global
