There is nothing like the backing of a few investment heavy hitters to serve as validation of your business model, Pindrop discovered.
The voice fraud prevention and authentication company announced it has raised $75 million in Series C funding. Google Capital led the round, while Andreessen Horowitz, Citi Ventures, IVP, GV, and Felicis also participated. Total Pindrop funding is now $122 million.
Fraudsters are migrating toward telephone fraud, which, when including social engineering and identity theft, costs Americans $20 billion every year. Criminal elements are using the same technologies which also help companies generate legitimate profits, especially with intelligent assistants and the Internet of Things.
Pindrop’s patented technology, which is employed by three of the four largest American banks, several government agencies, insurance companies and retailers, analyzes voice interactions to authenticate customers and to detect fraud.
That technology impressed Google Capital’s Gene Frantz.
“Voice fraud is a large, expensive and unsolved problem for many enterprises, and Pindrop is taking a truly unique approach, helping its customers save millions of dollars by preventing voice fraud.”
“As voice commands become the standard across intelligent assistants, cars, and the Internet of Things, Pindrop is creating the leading authentication and security solution for this exploding market.”
Pindrop CEO and co-founder Vijay Balasubramaniyan looks forward to Google Capital’s input.
“Working closely with Google Capital gives us amazing access to their expertise in phone and voice related technologies. Voice is the future and today’s investment will help accelerate our global expansion and allow us to invest more dollars into research and development as we continue building the definitive platform that enables security, trust and identity in the voice world. ”
The successful raise allow Pindrop to keep the momentum going from a great 2015 which saw a tripling of revenue and doubling of its customer base. More than 360 million calls were protected with Pindrop’s anti-fraud call center solution.
Pindrop also beefed up its management team with a quartet of hires. Former Citrix and Cisco executive Matt Peachey became General Manager of Europe, the Middle East and Africa, John Martin Vice President of Product, Mike Vandiver Chief Financial Officer and former Trulia and NerdWallet staffer Ken Shuman became Head of Global Communications.