Pindrop Raises Capital for Global Expansion
Pindrop raises $90 million for growth
Global leader in voice security and authentication technology, Pindrop, announced recently the closure of their Series D funding, which raised $90 million for global expansion thanks to support from investors like Vitruvian Partners, Allegion Ventures, and Dimension Data.
According to the CEO, CTO and Co-Founder of Pindrop, Vijay Balasubramanivan, the investors in the Series D funding round believe that Pindrop is the industry leader for ensuring the security of voice in the modern era. The new capital will help Pindrop to quickly accelerate their advancement in consumer IoT and voice technology, while also helping them to strengthen their market-leading authentication and anti-fraud strategies.
The Next Level in Voice Security
Pindrop is one of the significant brands responsible for leading today’s communications market towards a more secure, fraud-free future. Pindrop also created the most innovative voice biometrics system in the market, leading to significant growth over the last couple of years. Currently, 8 out of 10 of the largest banks, and 5 out of 7 of the biggest insurance companies in America use Pindrop technology. Additionally, Pindrop has achieved a 137% CAGR over the last 3 years, gained 118% net revenue retention with existing customers, and they have stopped over $350 million in voice fraud attacks during 2018.
The latest investment round led by Vitruvian Partners, one of Europe’s largest growth capital investment funds, will provide the foundation for Pindrop’s growth in the European and UK markets. Senior Partner for Vitruvian Partners, David Nahama, said that he believes Pindrop is poised for significant expansion in the years to come, thanks to their pioneering technology.
A global tech investor, EDBI also joined the recent funding round to help Pindrop thrive in Asian markets. This will give Pindrop a more global consumer base going forward. What’s more, Dimension Data was also a significant investor this year, and they will be giving Pindrop access to their worldwide integrator and value-added-reseller community.
Expanding Beyond the Call Centre
With plenty of new capital to drive growth, Pindrop will be able to accelerate on their path to provide companies with security and identity solutions for voice-assisted devices too, ranging all the way from smart locks on connected cars, to Google Home devices. Pindrop has an extensive history in the call centre, but they’re also ready to apply their deep learning technology to other voice-enabled solutions.
Going forward, Pindrop will be working with Allegion Ventures to bridge the gap between digital and physical security. According to the President of Allegion Ventures, Rob Martens, voice-enabled solutions are changing the way that consumers interact with IoT devices. Allegion is excited to work on the future of voice technology with Pindrop.
Additionally, Verizon Enterprise Solutions and Pindrop also announced a new integrated offering for anti-fraud protection and authentication just a month ago. The Verizon Inbound authentication service is the first system on the market capable of integrating multi-factor and voice authentications, which enables businesses to cost-effectively and quickly verify the identity of their inbound callers.