Behavioral biometrics specialist BioCatch has secured $145 million in funding through a Series C investment round, the company has announced.
The round featured participation from Industry Ventures, American Express Ventures, CreditEase, Maverick Ventures, and OurCrowd, and was led by Bain Capital Tech Opportunities, a division of Bain Capital.
“BioCatch has quickly established itself as a pioneer in the digital identity space by developing next-generation behavioral biometrics technology that integrates fraud detection and authentication capabilities to protect end-users and their most sensitive transactions,” said Bain Capital Tech Opportunities Managing Director Dewey Awad in a statement announcing the funding. “Their technology is highly applicable to other verticals beyond financial services that have the same need to balance fraud and the user experience.”
The development comes after BioCatch’s acquisition of biometric authentication specialist AimBrain in February, and in the wake of a banner year in 2019 that saw BioCatch’s annual recurring revenues grow by 150 percent.
Commenting on the new funding, BioCatch Chairman & CEO Howard Edelstein suggested that this growth “speaks directly to the growing demand” for BioCatch’s technology, and suggested that the remote work trend prompted by COVID-19 may further spur demand.
“The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations. In such times, technologies like behavioral biometrics become more important than ever,” he said. “We are also excited to partner with a leading technology investor like Bain Capital, as well as grateful for the continued confidence of our existing investors, who know the company better than anyone.”
Going forward, BioCatch indicated in its statement that it expects growth in new verticals, with plans to target the public sector this year.
April 15, 2020 – by Alex Perala