Pindrop Security, the pioneer in phone fraud prevention and call center authentication for banks and enterprise call centers today announced the close of an $11M Series A investment round. The round was led by Andreessen Horowitz and Citi Ventures and includes new investors Redpoint Ventures and Felicis Ventures alongside Webb Investment Network (WIN) who previously led the company's seed round. The funding will allow Pindrop Security to meet strong customer demand with additional resources in engineering, operations, sales and marketing in the US, Canada and Europe. Pindrop Security also announced that Scott Weiss, general partner at Andreessen Horowitz, will join the board of directors.
"We are thrilled to have several of the largest US financial institutions and retail companies as customers. This additional investment will enable us to expand operations globally while continuing to serve our current customers with excellence," said Vijay Balasubramaniyan, Ph.D., Co-founder and CEO, Pindrop Security. "As the clear leader in the market, Pindrop is establishing the standard for how enterprises secure the call center."
Pindrop has developed a caller-ID product that helps detect, report and mitigate phone fraud by identifying key attributes of any phone call including the device used (based on audio analysis), ID, call path, and geographic point of origin. Pindrop says that its technology essentially creates a "fingerprint" that helps clients, such as banks, identify and avoid fraud. Pindrop's patented Phoneprinting technology, combined with voice biometrics, is the first and only solution to provide significant relief from these attacks, reducing fraud losses and authentication expenses.