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July - 2013 - issue > Venture Chakra
Pindrop Security raises $11 Million from A16Z and Citi Ventures
SI Team
Monday, July 1, 2013
Pindrop Security, a company that develops solutions for fraud prevention and call center authentication for banks and enterprise call centers received $11 million in an investment round. The Series A funding was led by Andreessen Horowitz and Citi Ventures, with participation from new investors Redpoint Vntures and Felicis Ventures, as well as Pinpoint’s seed round lead Webb Investment Network.

The company that had earlier raised $1 million in venture round of funding brings the company’s total funding to $12 million till date. Andreessen Horowitz partner Scott Weiss, who was previously a director at Silver Tail Systems and an executive at Ironport, will join the company’s board of directors.
“Pindrop’s solutions are the first tool for financial institutions and enterprises to detect and stop the attacks accurately and consistently on the first call. This investment will allow us to meet the tremendous market demand we’re experiencing,” says Vijay Balasubramaniyan, Co-Founder & CEO, Pindrop Security.

Pindrop is the result of PhD research by co-founders Balasubramaniyan and Paul Judge who spent their time at Georgia Tech investigating how easy it spoof a call’s provenance. The three year old startup Pindrop Security has developed solutions to a specific class of attacks – phone fraud. The company uses proprietary acoustic fingerprinting technology to assist corporations and call centers in authenticating the caller on the other end of the line, and in turn limiting the chance of phone-based social engineering.
The funding will allow Pindrop Security to meet strong customer demand with additional resources in engineering, operations, sales and marketing in the U.S., Canada and Europe.

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