Illuma Labs

Illuma Labs Secures Funding to Fuel Innovation in Voice Authentication

Illuma Labs Secures Funding to Fuel Innovation in Voice Authentication
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Illuma Labs

An investment of $2.5 million from Curql Fund will help Illuma Labs further innovate in the field of voice authentication for credit union call centers. The company will use the capital to enable new anti-fraud features as well as new platform integrations to ensure its technology is accessible to a wide range of credit unions.

Illuma Labs flagship product, demonstrated at the company’s most recent Finovate appearance at FinovateFall last year, is Illuma Shield. The solution leverages real-time voice authentication rather than traditional, knowledge-based authentication techniques to combat fraud, improve efficiency, and enhance the overall member experience.

“This technology uses state of the art Artificial Intelligence, machine learning, and voice biometrics to address three of the top concerns for credit unions,” Illuma Labs founder and CEO Milind Borkar explained. “Improving member experience by emulating the warm welcome of a brick-and-mortar visit, creating operational efficiency by shortening call times, and increasing security to prevent account takeovers.”

“The infusion of investment from Curql is very timely for expanding this solution to the entire credit union community,” Borkar added.

Earlier this year, Illuma Labs announced a partnership with TDECU (Texas Dow Employees Credit Union) which deployed Illuma Labs’ voice authentication technology in its Member Contact Center. With more than 354,000 members and more than $4 billion in assets, TDECU is a not-for-profit financial cooperative that offers a full range of deposit products as well as online and mobile banking, and lending solutions.

“Our top priority is to keep members connected to their money in a way that is not only safe and secure, but also easily accessible,” TDECU Chief Growth, Strategy & Marketing Officer Alex De La Cruz said. “We look to fintech as a solution through our partnership with Illuma Labs to provide added security and a best-in-class Member experience.”

Also this spring, Illuma Labs teamed up with Wisconsin-based Connexus Credit Union ($3.3 billion in assets; 382,000 members). Headquartered in Plano, Texas, Illuma Labs was founded in 2016.

Photo by Andrea Piacquadio from Pexels

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FinovateFall Digital 2020 Sneak Peek: Illuma Labs

FinovateFall Digital 2020 Sneak Peek: Illuma Labs
By oliver Posted on
Categories: Finovate, FinovateFall 2020, FinovateFall 2020 Sneak Peek, Illuma Labs

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Illuma Labs’ Illuma Shield provides passive voice authentication for call centers. It elevates the user experience, enhances security against fraudsters, and improves operational efficiency.

Features

  • Elevates user experience with frictionless authentication
  • Reduces average handle time, hold times, and abandon rates
  • Enhances security against fraudsters

Why it’s great
A passive voice authentication for call centers.

Presenters

Milind Borkar, CEO & Founder
Borkar has over a decade of experience spanning R&D and marketing, and leads the IP and business development activities for the company.
LinkedIn

Jeremy Whittington, CTO & Co-Founder
Whittington has over 20 years of experience architecting SaaS applications, and leads architecture and product development activities for the company.
LinkedIn

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Voice Authentication Specialist Illuma Labs Secures New Investment

Voice Authentication Specialist Illuma Labs Secures New Investment
By David Penn Posted on
Categories: Alumni News, Funding, Illuma Labs
Photo by Mirza Causevic from Pexels

Illuma Labs, creator of the real-time audio authentication platform for secure voice communications, Illuma Shield, has received a joint investment from The Veridian Group (a CUSO of Veridian Cedit Union) and Texas Dow Employees Credit Union (TDECU). Terms of the funding were not disclosed.

The investment comes as a result of Illuma Labs’ participation in VentureTech, an annual program that helps fintechs seeking funding to secure investment opportunities from within the credit union industry. Illuma was part of VentureTech’s 2019 cohort, which also featured fellow Finovate alums Wizely Finance, Terafina, Plinqit, and Pinkaloo. VentureTech was launched by The Veridian Group, Open Technology Solutions, and CUNA Strategic Services in 2018, and will hold its third event this fall.

“Instead of waiting for technology to come to market, VentureTech allows the credit union industry to be proactive in building its competitive advantage in the digital space,” President of The Veridian Group, Nick Evens explained at last year’s conference, which saw Illuma Labs take home top honors. “By recognizing and investing in promising fintech, we’re providing innovative, digital-first solutions that will drive the Movement forward.”

Iowa-based Veridian Credit Union, the FI served by The Veridian Group, has more than 244,000 members and $4.5 billion in assets. Texas Dow Employees Credit Union, with $3.7 billion in assets and more than 263,000 members, is the biggest credit union in the Houston, Texas area, and the fourth largest CU in the state.

Founded in 2016 and making its Finovate debut last year at FinovateSpring, Illuma Labs provides real-time voice authentication for customers around the world. With a technology that has its origins in R&D projects with the U.S. Department of Homeland Security Science and Technology Directorate, the company’s solutions support secure communications in verticals ranging from financial services and insurance to e-commerce. Illuma Shield, the company’s flagship solution, leverages signal processing, machine learning, and AI to offer call centers a real-time voice authentication solution that analyzes voices in natural conversation and provides a high authentication accuracy rate in a short period of time.

Headquartered in Plano, Texas, Illuma Labs was founded in 2016 by Milind Borkar (CEO) and Jeremy Whittington (CTO).

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FinovateFall Sneak Peek: Illuma Labs

FinovateFall Sneak Peek: Illuma Labs
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, Illuma Labs

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

Illuma Labs’ Illuma Shield provides passive voice authentication for call centers. It reduces operating costs, enhances security against fraudsters, and eliminates friction from the customer experience.

Features

  • Reduce average handle time and operating costs
  • Enhance security against fraudsters and social engineers
  • Elevate user experience by eliminating friction in the authentication process

Presenters

Milind Borkar, Founder & CEO
Borkar has over a decade of experience spanning R&D and marketing, and leads the IP and business development activities for the company.
LinkedIn

Jeremy Whittington, Co-Founder & CTO
Whittington has over 20 years of experience architecting SaaS applications, and leads architecture and product development activities for the company.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: BlytzPay, Cinchy, Illuma Labs, Mambu, nCino, NYMBUS, PaySend, Stratifyd, Tinkoff Bank, ValidiFI

On Finovate.com

  • Mambu and nCino Co-Create Banking Solution for B-North.
  • Kabbage Acquires Radius, Adding Insights of Millions of SMEs to its Platform.

Around the web

  • Paysend reaches one million customer mark for its card-to-card money transfer service, Global Transfers.
  • Tinkoff goes live with Pulse, a free social network for investors.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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FinovateSpring Sneak Peek: Illuma Labs

FinovateSpring Sneak Peek: Illuma Labs
By David Penn Posted on
Categories: Illuma Labs

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Illuma Access from Illuma Labs enables real-time voice authentication to secure inbound phone calls for call centers. It reduces call duration, improves security, and eliminates friction from customer interactions.

Features

  • Reduce average handle time and operating costs
  • Enhance security against fraudsters and social engineers
  • Elevate user experience with a passive and non-intrusive authentication process

Why it’s great
Illuma Access offers passive voice authentication for call centers. This reduces operating costs, enhances security against fraudsters, and elevates the user experience.

Presenters

Milind Borkar, Founder and CEO

Borkar has 10+ years of experience in R&D in digital signal processing and machine learning, 5+ years in marketing and business development, 50+ product launches, 18 patents, and 14 technical publications.
LinkedIn

Jeremy Whittington, Co-founder and CTO

Whittington has 20+ years of experience in architecting SaaS applications for Fortune 100 companies. He designed and deployed multiple enterprise systems used worldwide and founded two technology startup ventures.
LinkedIn

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