American voice security and authentication company Pindrop has raised $100m in debt financing from Hercules Capital.
The company will use the investment to accelerate the development of its audio, voice and artificial intelligence (AI) technologies for detecting fraud and combating deepfakes.
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Customers across a broad spectrum of sectors, including finance, banking, insurance, utilities, and healthcare, rely on the company’s technologies.
So far, Pindrop has analysed more than 5.3 billion calls, thwarted $2bn in fraud losses, as well as detecting 104 million spoof calls.
The company said it aims to use “good AI” to fight “bad AI” and position itself at the forefront of the battle against deepfake technology.
Pindrop’s technology is increasingly vital as contact centres face a surge in sophisticated cyberattacks.
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By GlobalDataStudies cited by Pindrop indicate that contact centre fraud has escalated by over 60% in the past two years, marking the highest increase since 2019.
As per a research, out of every 730 calls to a contact centre, one is likely to be fraudulent.
With an estimated annual fraud risk of $5bn, the need for robust voice authentication technology is more pressing than ever, the company said.
Pindrop’s solutions have a wide range of applications, from enabling voice identity-based logins for mobile applications to securing consumer devices such as cars, which can be programmed to recognise only their owner’s voice.
In response to the deepfake challenge, Pindrop recently launched Pindrop Pulse, a new tool that analyses audio to identify fake videos through voice recognition.
This innovation also supports advanced liveness tests for verification processes, such as Know Your Customer checks.
Hercules Capital managing director John Eggbeer said: “This financing will help accelerate their growth and innovation, enabling them to expand their reach and enhance their capabilities in providing robust security solutions.”
Pindrop founder and CEO Vijay Balasubramaniyan added: “This funding will fuel our ongoing growth and innovation in voice and AI technologies. As cyber threats continue to evolve, our mission to stay ahead of fraudsters and protect our customers is more critical than ever.”
