London-based Vitruvian Partners led the round, which included participation from new strategic investors Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs. Existing investors CapitalG, IVP, Andreessen Horowitz, GV (formerly Google Ventures) and Citi Ventures also put money into the round.
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The latest financing brings the Atlanta-based company’s total raised to $212.8 million since its inception in 2011, according to Crunchbase.
Vijay Balasubramaniyan, co-founder, CEO and CTO of Pindrop, said in a press release that the company is moving beyond the voice channel and toward voice-enabled devices. Historically, Pindrop’s technology has been used in call centers.
The company’s goal is to provide security and identity solutions for voice-assisted smart devices such as “Google Home, smart locks, and connected cars.” Pindrop said it will also use the money to develop additional products and continue to build “partnerships with global channels, telecommunications leaders, and consumer IoT organizations.”
“Voice-enabled interfaces are expanding how consumers interact with IoT devices in their everyday lives – as well as IoT manufacturers’ ability to offer smarter and stronger solutions,” said Allegion Ventures President Rob Martens in a press release.
Pindrop didn’t reveal its exact revenue figures but said it has seen 137 percent compounded annual growth rate (CAGR) in revenue over the last three years. It also said that “8 of the 10 largest banks and 5 of the 7 largest insurance companies in the U.S. are Pindrop customers,” without naming names.
Pindrop went on to say that it currently protects over 200 million consumer accounts. It claims to have stopped over $350 million in voice-based fraud and attacks in 2018.
Looking ahead, the company plans to set up stronger regional presences in the UK, Europe and Asia.
Illustration: Li-Anne Dias
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