Behavioral biometrics and fraud prevention company Zighra closed $1 million in seed funding recently. The round was led by the Investment Accelerator Fund, Export Development Canada, and the Business Development Bank of Canada.
This is the Ottawa-based company’s third round of funding. The amounts of the first two rounds were undisclosed, but Zighra’s funding total is now greater than $1 million. Zighra CEO Deepak Dutt said he plans to use the funds “to go into acceleration mode.” Specifically, he plans to bolster sales and marketing efforts to reach more mobile banking and mobile commerce clients.
Zighra, an Invest Ottawa portfolio company, offers security software that analyzes users’ behavioral patterns to validate their identify and prevent fraud. At FinovateFall 2013, Zighra debuted KineticID, a mobile authentication solution that evaluates the user’s unique, kinetic interaction with their mobile device. Earlier this year, the company graduated from Barclays Techstars Accelerator, which led to Zighra taking on a pilot project for the banking giant. The accelerator program also offered Zighra exposure to the U.K. market, a new geography for the company, which has previously focused on North America, the Middle East, and India.
Founded in 2009 and headquartered in Canada, Zighra has six employees and anticipates it will double its workforce by the end of 2017. Earlier this month, the company won Best Tech at the C100 48Hrs in the Valley program and last year was featured in the Wall Street Journal for its behavioral authentication efforts.
Behavioral biometrics has been a hot topic in 2016, and we expect it to be a star topic of 2017, as well. Finovate alums such as BehavioSec, BioCatch, NuData Security, and Trusteer (acquired by IBM in 2013) each offer unique solutions to combat fraud using behavioral biometrics.