Pindrop raises $90m for global expansion
Written by Peter Walker
Voice authentication firm Pindrop has closed a $90 million Series D funding round led by Vitruvian Partners.
Other new strategic investors include Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs. Existing investors CapitalG, IVP, Andreessen Horowitz, GV - formerly Google Ventures - and Citi Ventures also invested in the round.
Vijay Balasubramaniyan, co-founder, chief executive and chief technology officer of Pindrop, said: “This investment enables us to quickly boost our advancements in consumer IoT [Internet of Things] and voice technology while also continuing to strengthen our market leading solutions for anti-fraud and authentication solutions for the global enterprise.”
Through expanding market penetration, Pindrop will build additional products and continue to develop partnerships with global channels, telecommunications leaders and consumer IoT organisations.
The company has seen significant recent growth, including clients across eight of the 10 largest banks and five of the seven largest insurance companies in the US, as well as stopping over $350 million in voice-based fraud and attacks this year for over 200 million consumer accounts.
Pindrop has also added to its management team, including former Gigamon and Dell EMC man Burney Barker as chief revenue officer, and former Kabbage and Official Payments executive Jeff Hodges as chief financial officer.
Global technology investor EDBI joined the round to drive Pindrop’s progress in Asian markets.
“Voice is fast emerging as the next generation human user interface with wide consumer and commercial applications, yet security remains a major concern,” said Chu Swee Yeok, chief executive and president of EDBI.
“Our investment in Pindrop is in line with Singapore’s trusted position as both a leading global financial centre in Asia and a development hub for new human-centric digital services.”