As biometrics continue to work their way into more and more aspects of everyday life, new applications are becoming apparent. Along with these new uses come new modalities, making us get re-acquainted with exactly what “biometrics” means: the measurement of human traits.
BioCatch is a behavioral biometric solution that works towards detecting humans on the other end of online transactions in order to prevent fraud. Collecting and analyzing more than 400 bio-behavioral, cognitive and physiological traits, the company’s solution creates user profiles for online banking and commerce sites.
Just this week, BioCatch announced that it has completed a $10 million financing round, the funding from which will be used to expand research and development efforts as well as continue company growth in American and European markets. Participating in this placement were existing investors, crowd-funding firm OurCrowd and venture capital firm Blumberg Capital, who led the financing round.
BioCatch CEO Benny Rosenbaum comments, “BioCatch’s goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and eCommerce sites. This funding will allow us to continue strengthening our offering and expand our global reach in strategic markets, while keeping the world’s largest and most influential institutions safe and secure.”
Ron Moritz of OurCrowd and Alon Lifshitz of Blumberg Capital will now be joining BioCatch’s board of directors.
BioCatch first announced the launch of its solution in May, aimed at protecting relying parties and their customers from cybercrime and fraud. The solution is BioCatch’s flagship threat detection technology which, because of it’s passive nature, can also detect bot-related activities, presenting a solution for user liveness detection and replacing the need for CAPTCHA images.
June 19, 2014 – by Peter B. Counter