Israel-based biometric security specialist BioCatch announced today that it had raised $10 million in an initial Series A funding round.
The Series A was led by Blumberg Capital and equity crowd funding firm, OurCrowd, and included participation from unnamed existing investors. The company says that the new funding will go toward research and development, as well as expanding the service in North America, Europe, and Latin America.
BioCatch CEO Benny Rosebaum said
in a statement, “This funding will allow us to continue strengthening our offering and expand our globe reach in strategic markets, while keeping the world’s largest and most influential institutions safe and secure.”
BioCatch is an innovator in the biometric authentication space. The company’s technology examines more than 400 behavioral, cognitive, and physiological markers to help determine when unusual activity is taking place. These markers range from how a person’s finger tends to move across a trackpad or interface, or even the angle at which a mobile device is typically held while being used.
And while stopping fraud is the important, headline goal, the more fundamental objective of the technology is eliminating friction. This translates into both a more secure experience for online and mobile banking customers and e-commerce consumers, as well as a more efficient and seamless transacting process.
BioCatch cyber strategy chief Uri Rivner suggested as much in an interview with Gigaom
. “The problem today is not necessarily fraud, but (that) they want to make sure it’s really you, so they add a lot of security, which is friction.”
“We’ve demonstrated that we can reduce that friction and operational costs.”
Founded in 2011, BioCatch will make its Finovate debut this September. To take advantage of early-bird pricing to the New York City event, register here