Voice security and authentication provider Pindrop has raised INR 560 crores in series D funding round from Goldman Sachs and Citi Ventures. Vitruvian Partners, Allegion Ventures, Cross Creek, Dimension Data, EDBI, CapitalG, IVP, GV (Google Ventures) and Andreessen Horowitz also participated in the funding round.
The security technology company creates an audio fingerprint of each and every call received at the call centre by analysing more than 100 unique call data points including location, background noise, number history and call type to highlight unusual activity, stop criminal callers and identify potential fraud.
The firm was founded back in 2011 and has grown to provide its services to eight of the largest 10 banks in the US along with seven biggest insurance companies. Pindrop protects more than 200 million consumer accounts through its technology platform.
Vijay Balasubramaniyan, CEO, Pindrop, says, “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.”
Pindrop plans to use the freshly raised capital to expand its services globally with a prime focus on the United Kingdom where Vitruvian Partners, an investor in the firm is based as well as the rest of Europe and Asia. The firm will also shift its products from call centre security technology to the Internet of Things, securing voice assisted smart devices like Google Home, smart locks and automated car control systems.