Pindrop, an Artificial Intelligence-powered voice security and authentication company based out of the US, has closed US$90 million in Series D funding, led by London-headquartered VC firm Vitruvian Partners.
Other new strategic investors include Allegion Ventures (Dublin), Cross Creek (US), Dimension Data (Japan), EDBI (Singapore), and Goldman Sachs. Existing investors CapitalG, IVP, Andreessen Horowitz, GV (formerly Google Ventures) and Citi Ventures also invested in the round.
The new infusion of capital will serve to advance Pindrop’s evolution towards providing security and identity solutions for voice-assisted smart devices ranging from Google Home to smart locks to connected cars. “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,” Vijay Balasubramaniyan, Co-founder, CEO and CTO of Pindrop, said.
Founded in 2011 by Balasubramaniyan, Dr. Paul Judge and Dr. Mustaque Ahamad, Pindrop offers software solutions that help enterprises (banks, insurance firms, retailers, etc.) detect fraudsters and authenticate genuine customers by extracting intelligence from customers’ calls, reducing fraud and operational costs, while improving customer experience and protecting brand reputation.
The company claims to have on-boarded eight leading banks and five insurance companies in the US as customers. Currently, it protects over 200 million consumer accounts.
With EDBI’s APJ network, Pindrop is now able to expand its go to market capabilities globally and serve a worldwide customer base.
“Voice is fast emerging as the next generation human user interface (UI) with wide consumer and commercial applications, yet security remains a major concern. Pindrop’s world class AI voice security technology will be a significant enabler for wider voice UI adoption, beyond call centres. 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. We look forward to working closely with Pindrop as a like-minded innovative player in Singapore’s vibrant AI ecosystem for their Asia expansion,” said Chu Swee Yeok, Chief Executive and President of EDBI.
Dimension Data is a major global technology integrator and managed services subsidiary of Japan’s NTT Group. It will partner with Pindrop to leverage its systems integrator and value added reseller network.
“Dimension Data’s global footprint of clients provides a distinct perspective of the market. We recognise a huge opportunity to secure the call center and voice ecosystem,” said Nemo Verbist, Group Executive for Customer Experience at Dimension Data. “Pindrop’s solution solves a key set of problems around security and identity in voice. We’re delighted to be an investor and look forward to our partnership to deliver the solution to our clients.”
“Voice based systems, both phone and IoT based, have traditionally been vulnerable to a range of security threats and fraud because of a lack of robust identity and security technology. At Pindrop, we are bringing trust and security into voice based interactions to enable the evolution of voice as the next computer interface,” said Dr. Paul Judge, Executive Chairman and Cofounder of Pindrop.