BioCatch, a global leader in behavioral biometrics, announced today that it has closed a $30 million financing round, cementing its growth plan and vision to redefine digital identity and enable renewed trust in online interactions. The round was led by Maverick Ventures, with additional participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other existing investors.
“BioCatch helps to answer the question, ‘who are you’ in an online world where fraudsters operate with the legitimate credentials of others, making it very hard to distinguish them from authorized users,” said Howard Edelstein, BioCatch Chief Executive Officer.
“As the company pursues its growth trajectory, we are pleased to welcome our new investors into the fold. This latest investment round is a testament to the commitment and the capacity that we have to change the way identity is managed online. Relationships with companies like Experian, LexisNexis Risk Solutions, Samsung SDS and others demonstrate how BioCatch is contributing to digital transformation, and this round of funding will enable us to take our efforts to a whole new level,” Edelstein added.
Founded by experts in big data, machine learning and artificial intelligence, BioCatch set out to address the next generation of cyber threats by focusing on the behavior of the fraudster as opposed to adding new endpoint security layers. BioCatch proactively collects and analyzes more than 2,000 parameters to generate user profiles and model different types of genuine and malicious behavior. The company monitors more than 5 billion transactions per month and generates real-time alerts when behavioral anomalies are detected, stopping fraud at the source and reducing the significant operational costs associated with managing the fraud.
“Identity is becoming a central component that drives all things digital, which makes the BioCatch story extremely compelling on multiple levels,” said Matthew Kinsella, Managing Director of Maverick Ventures. “The company has demonstrated impressive traction and its clients are enthusiastic on the many ways that the technology can be used. We are delighted to be part of the next chapter as the company leads the way in redefining how identity is defined and managed.”