FinovateFall 2024 / Illuma
Presenter Profile:
How they describe themselves: Illuma Labs is a fintech company headquartered in Plano, Texas. The organization’s flagship product, Illuma Shield™, replaces traditional knowledge-based authentication practices with an effortless and secure real-time voice authentication solution to enhance caller experience, improve operational efficiency, and prevent fraud in banking contact centers. Deployment of this affordable solution takes weeks, not months. It reduces time spent on authentication by 85% or more, and over 95% of those invited to enroll say, “Yes!”
How they describe their product/innovation: Fraudsters now have easy access to generative AI technology that can be used to create voice clones and attempt to defeat voice biometrics systems in banking contact centers. At Finovate, Illuma is unveiling the latest deepfake detection technology designed to combat this new threat and safeguard against account takeovers.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
Credit Union/Community Bank Fit: Credit unions and community banks
Contacts:
Bus. Dev.: Amy Travers (VP, Sales), amy@illuma.cx, 407-576-5909
Press: Milind Borkar (Founder & CEO), milind@illuma.cx, 972-217-7106
Website: illuma.cx
LinkedIn: linkedin.com/company/illuma-labs
HQ: Plano, TX
Founded: March 2016
Product Demoed: Illuma Sheild™
Metrics: $12.5M equity investment, $2M DHS R&D contracts, 26 financial institution clients, 16 full time employees
Presenters: Milind Borkar – Founder & CEO | Amy Travers – VP of Sales
- Key Executives
Milind Borkar (Founder & CEO), Jeremy Whittington (Co-Founder & CTO)
Key Stats
- Key Board Members
Venu Shamapant (Founding Partner, LiveOak Ventures), Dave Tucker (Partner, Next Level Ventures), Milind Borkar (Founder & CEO, Illuma Labs), Jeremy Whittington (Co-Founder & CTO, Illuma Labs)
- Key Investors
LiveOak Venture Partners, Forefront Venture Fund, Veridian Credit Union, Capital Factory, Texas Dow Employees Credit Union (TDECU), Next Level Ventures / Curql Fund, Universal Sharing Network, Inc., Connexus Credit Union
- Key Partners
CUNA Strategic Services and Credit Union Leagues in 34 US States, Genesys, Mitel, Avaya, Glia, Posh, Five9, TTEC Digital
- Key Customers
25+ clients spanning credit unions, community banks, regional banks, and insurance.