Pindrop Security has announced the closure of a very successful round of financing. The company, which specializes in voice authentication and phone fraud prevention, raised $35 million in its Series B financing round.
The company says it’s “one of the largest Series B rounds in the history of the security industry,” and credits investor interest to a combination of growing security threats, and a dearth of “security innovation in phone or voice.” Speaking in a press release, Pindrop Security co-founder and executive chairman Paul Judge put it bluntly, stating that “phone-based crime costs companies billions of dollars, which has made the demand for Pindrop products incredibly high.”
The company is clearly benefiting from advancements in voice biometrics technology, which is increasingly being used for authentication purposes. That’s especially the case in the financial services sector, where voice recognition technology is proving popular as a fast, accurate, and hassle-free means of customer authentication. As voice recognition and automation continues to creep into everyday life – and especially in the realm of the Internet of Things – new security vulnerabilities are likely to emerge, and voice security firms like Pindrop Security may be able to make a significant impact in securitization efforts in a number of sectors and applications.
February 19, 2015 – by Alex Perala