Pindrop is a company that specializes in security solutions based on innovative pieces of techs, including the latest addition – the biometric voice authenticator that will help protect call centres from phone fraud, a growing mischievous practice that has cost the industry literally billions in losses. By one estimate, the number stand at $14 billion annually, a number that is more than enough to bring any company to a grinding halt or stop funding partners from investing further.
In light of the growing troubles of the industry, Pindrop, a tech-savvy company specializing in digital security, has raised $90 million, promising to find the solution to call centre voice fraud once and for all. The company will use the funds to ensure that a new voice authenticator will prevent fraudsters from taking advantage of the services of call centres.
The attacks on call centres have in fact jumped multiple-fold, with reported 113% increase in 2018, which goes to show that call centres are facing a problem that they would need to address. Estimated 41% of customers who fall victim to such practices actually turn to the companies to blame, as the attackers remain largely anonymous.
Companies that rely on venture capital to expand and improve their products are quickly caught in the midst of this problem. This is precisely where Pindrop will come in handy, allowing you to navigate these problems, both as business and customer. The company is now developing a suite of multifactor anti-fraud and authentication software that will allow everyone involved to stay safe from the sticky paws of ill-meaning third parties.
The Series D funding round managed to add $90 million to the total war chest of Pindrop, led with Vitruvian Partners as the main funding partner. Other companies also joined the operation, including Allegion Ventures, Cross Creek, Dimension Data, EDBI, Goldman Sachs, and existing investors CapitalG, IVP, Andreessen Horowitz, GV (formerly Google Ventures), and Citi Ventures,
The interest in the deal indicates the high level of trust that has been put in the deal itself. Previously, Pindrop started modestly, managing to add $11 million back in 2013 when it concluded an A Series of funding. The Series B and Series C funding rounds that followed added $35 million and $75 million respectively.
With the latest deal, the total venture capital of Pindrop has been estimated at $212 million a respectable sum that would allow the company to fight back against call centre fraud. The company also got 137% higher revenue compared to a year before and it currently serves 8 out of the world’s largest 10 banks in the United States.
Pindrop will now focus on developing intutive solutions, which will allow the company to get more hands-on experience with the Internet of Things (IOT) solutions, which should be the new primary focus on the solutions offered by Pindrop.
Pindrop will continue to pursue funding while expanding its revenue and adding new customers. Ultimately, the company will want to establish itself as a true market player.