IVR authentication and anti-fraud solutions company Pindrop recently announced the successful raising of $100 million in debt financing from Hercules Capital. With this latest investment, Pindrop’s total funding now stands at an impressive $318 million, combining both debt and equity.
The additional funding is expected to drive further technological advancements in Pindrop’s AI-powered tools that combat fraud and cyberattacks. By leveraging voice security and authentication technologies, the company assists businesses across various sectors in identifying fraudsters and verifying legitimate customers on a large scale.
Vijay Balasubramaniyan, Founder & CEO of Pindrop, expressed his satisfaction with the financing, highlighting its strategic importance for the company. He mentioned, “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.”
In a period where AI developments have made significant strides, Pindrop noted a 60% increase in contact center fraud over the last two years, reaching levels not seen since 2019. The company projects that by the end of 2024, one out of every 730 calls to a contact center will be fraudulent.
The upcoming U.S. presidential election underscores the importance of differentiating between fact and fiction in voice spoofing scenarios. When a deepfake robocall featuring President Biden surfaced earlier this year, Pindrop successfully identified the Text-to-Speech (TTS) engine used, demonstrating its expertise in voice fraud detection.
John Eggbeer, Managing Director at Hercules Capital, expressed his enthusiasm about the partnership with Pindrop, emphasizing the company’s commitment to enhancing AI and voice authentication technologies. He said, “We’re proud to support their mission of safeguarding major institutions from rising cyberattack threats. This financing will help accelerate their growth and innovation.”
Since its establishment in 2011, Pindrop has analyzed a staggering 5.3 billion calls, preventing $2 billion in fraud losses and detecting 104 million spoof calls. The release of Pindrop Pulse earlier this year marked a significant milestone, offering an audio deepfake detection solution with real-time identification capabilities and advanced liveness detection technology. Additionally, Pindrop introduced the Pulse Deepfake Warranty to provide reimbursement to eligible customers in case the Pindrop Product Suite fails to detect deepfake or synthetic voice fraud.
Photo by Steve Johnson on Unsplash
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In conclusion, Pindrop’s recent funding milestone of $100 million from Hercules Capital is a testament to the company’s continued growth and innovation in the realm of voice security and AI technologies. As cyber threats become increasingly sophisticated, Pindrop’s mission to outsmart fraudsters and protect its clients is more crucial than ever. With a rich history of detecting fraud, preventing losses, and unveiling spoof calls, Pindrop is at the forefront of combatting fraudulent activities in the digital age.
The introduction of Pindrop Pulse and the Pulse Deepfake Warranty demonstrate the company’s dedication to staying ahead of the curve in identifying deepfake and synthetic voice fraud. By developing cutting-edge solutions and partnering with key industry players like Hercules Capital, Pindrop is poised to make significant strides in enhancing the security landscape for major institutions.
As we look towards the future, Pindrop’s commitment to advancing AI and voice authentication technologies will undoubtedly have a lasting impact on the cybersecurity landscape. With ongoing investments in research and development, Pindrop remains well-positioned to tackle emerging challenges and provide unparalleled security solutions to its clients worldwide.
