Israel-based BioCatch, a behavioral biometrics firm, has secured $145 million in capital through a Series C investment round, which was led by Bain Capital Tech Opportunities. BioCatch is an OurCrowd portfolio company and the crowdfunding platform took part in this most recent round. Existing investors American Express, CreditEase, and several others also took part in the round.
BioCatch’s proprietary technology, which keeps track of user behavior during online sessions, claims over 40 of the largest financial institutions in the world as its clients.
Last year, the firm reportedly grew yearly recurring revenues by 150%.
BioCatch said it would use the capital raised to further expand its product offerings and to offer new services. The company onboarded its first digital commerce customer in 2019. It’s now planning to introduce its products to the public sector.
Howard Edelstein, CEO and Chairman at BioCatch, stated:
“The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations. In such times, technologies like behavioral biometrics become more important than ever.”
As mentioned on its official website, BioCatch aims to protect users’ digital identity while offering internet and mobile users a “frictionless” online experience.
The company notes:
“The BioCatch platform analyzes more than 2,000 behavioral parameters of user-device interactions to generate real-time risk scores based on a wide range of human and non-human cybersecurity threats.”
The company’s services include identity proofing, which prevents new account fraud and tracks the potential use of stolen identities by analyzing the manner in which information is entered into internet-based applications.
The firm also offers “continuous authentication,” which matches user activity against behavioral profiles in order to check their identity during online sessions.
BioCatch also protects users from account takeover fraud and social engineering scams.
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