BioCatch, a behavioral biometric authentication and threat detection, has completed a$10 million financing round. The funding will be used to expand R&D efforts and continue growth in key markets, including the U.S. and Europe. The financing round was led by venture capital firm Blumberg Capital and equity crowdfunding firm OurCrowd. Existing investors also participated in the funding round.
BioCatch proactively collects and analyses over 400 bio-behavioral, cognitive and physiological parameters to create unique user profiles for visitors to banking and eCommerce sites. BioCatch also significantly reduces friction associated with risky transactions, and then authenticates visitors upon their return to a site as well as identifies users exhibiting behaviors consistent with fraudsters. Enterprises use BioCatch as a tool to improve the employee authentication experience while protecting access to critical IT assets.
BioCatch CEO Benny Rosenbaum stated, “BioCatch’s goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and eCommerce sites. This funding will allow us to continue strengthening our offering and expand our global reach in strategic markets, while keeping the world’s largest and most influential institutions safe and secure.”
Over the last year, the company has seen significant growth and is deployed in numerous banks, eCommerce sites and enterprises around the globe. Leading figures in the authentication and security space including former senior employees of Trusteer, Vasco and RSA have joined BioCatch and share its vision. The company currently employs 20 team members.
BioCatch is easily integrated into existing security structures and works seamlessly with other fraud detection systems. The solution has demonstrated an 80% reduction in false positives for detecting the same amount of fraud, as well as spotted cybercrime activities that other solutions failed to detect such as Remote Access Attacks (RATs) and Malware.
General Partner at OurCrowd Elan Zivotofsky noted, “We are very excited to be partnering withBioCatch and to be part of such a forward-thinking company that helps protect consumers and enterprises from lurking cyber-threats. With a global network of investors, OurCrowd can help provide BioCatch with a direct line to large potential customers, key industry connections and strategic partners around the world.”
As part of the new partnership, Ron Moritz of OurCrowd and Alon Lifshitz of Blumberg Capital will be joining BioCatch’s Board of Directors.
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