Pindrop, a voice security and authentication startup which counts some of the biggest bank and insurance companies in the US as customers has closed a $90m Series D financing round.
The company, which was launched in 2011, says it currently protects more than 200 million consumer accounts, and has stopped over $350min voice-based fraud and attacks in 2018.
Private equity house Virtuvian Partners led the $90m Series D round for the business, with other capital coming from investors including Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs.
Existing backers inclusing CapitalG, IVP, Andreessen Horowitz, GV and Citi Ventures also invested in the round.
Pindrop said the new infusion of capital would also serve to advance its evolution towards providing security and identity solutions for voice-assisted smart devices ranging from Google Home to smart locks to connected cars.
Pindrop co-founder, CEO and CTO Vijay Balasubramaniyan said, “Our broad range of investors collectively view Pindrop as the established industry leader for securing the future of voice as it moves beyond the voice channel and towards voice-enabled devices.
“This investment enables us to quickly boost our advancements in consumer IoT and voice technology while also continuing to strengthen our market leading solutions for anti-fraud and authentication solutions for the global enterprise.”
The company counts eight of the largest 10 banks in the US as customers, as well as five of the biggest seven US insurance companies.
Pindrop says it has recorded a 137 per cent compounded annual growth rate in revenue over the last three years.
Virtuvian Partners senior partner David Nahama said, “One of our key goals is to help leading high-growth companies like Pindrop grow in Europe and internationally.
“We are confident that Pindrop is poised for massive expansion given the company’s depth of engineering expertise, pioneering efforts in machine learning technology and patent portfolio.”
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