Incognia, a pioneering force in the realm of location identity solutions, has successfully concluded a $31m Series B financing round.
This significant financial boost was led by Bessemer Venture Partners, with additional backing from FJ Labs and existing investors, including Point72 Ventures, Prosus, and Valor Capital.
This influx of capital marks a pivotal moment for the company, aiming to further its innovative work in digital identity signals and bolster its presence across key global regions such as North America, Europe, and EMEA. Moreover, the funds are earmarked to facilitate Incognia’s foray into new industry verticals, including consumer internet, financial services, and eCommerce.
Incognia stands at the forefront of fraud prevention, offering a unique blend of device fingerprinting and exact location intelligence data. This combination forms a highly adaptable risk signal that can be tailored to each stage of the user journey, ensuring a robust defense against fraudulent activities.
Since its previous fundraising in June 2022, Incognia has demonstrated impressive growth, tripling its revenue, achieving a 200% net revenue retention rate, and boasting a 100% conversion rate of trials. These achievements underscore the company’s commitment to delivering value and substantial cost savings to its clients.
Incognia’s technology suite is comprehensive, incorporating advanced features such as device tamper detection, location spoofing prevention, and phishing-resistant account security. These tools work in concert to significantly mitigate common security threats, including account takeovers, fake account creation, and new user abandonment. The company’s approach is centered around providing a seamless yet secure user experience, distinguishing between genuine users and malicious actors with unparalleled precision.
Charles Birnbaum, partner at Bessemer Venture Partners, said, “Incognia is quickly emerging as a market leader addressing fraud across a variety of customer segments, which is critical in today’s environment as fraudsters become increasingly sophisticated thanks to recent GenAI breakthroughs and the global proliferation of real-time payments.
“After years of development, André and the Incognia team have unlocked the power of highly precise location awareness coupled with best-in-class device fingerprinting to generate fraud prevention signals, unlike any other vendor in the market. We’ve been following the company for some time and are truly impressed by the team’s progress and customer impact, and we look forward to seeing them roll out their fraud prevention solutions globally.”
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