Pindrop, a global leader in voice authentication and security, announced it has secured $100 million in debt financing from Hercules Capital, Inc. This significant funding will enable Pindrop to further develop its cutting-edge audio, voice, and AI technologies, enhancing its offerings for customers in the banking, finance, contact center, insurance, utilities, healthcare, retail, and other industries.
Contact centers, which play a crucial role in these sectors, are becoming increasingly vulnerable as cyberattacks grow more sophisticated. As a result, contact center fraud has surged by 60% in the last two years, reaching the highest levels since 2019. By the end of this year, one in every 730 calls to a contact center is expected to be fraudulent. Posing an estimated $5 billion fraud risk to U.S. contact centers, voice authentication solutions are imperative in keeping a company secure.
On a mission to shape the future of voice security and authentication against the rising threats mainly caused by generative AI, Pindrop’s technologies help organizations to detect fraudsters and authenticate genuine customers at scale. To date, Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and detected 104 million spoof calls. Dedicated to leveraging good AI to combat bad AI, Pindrop is making significant strides in the fight against deepfakes.
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“We’re pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop,” said Pindrop Founder & CEO, Vijay Balasubramaniyan. “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. We’re excited about the future as we remain committed to driving advancements that safeguard major institutions and deliver unparalleled security in the digital age.”
John Chambers, Pindrop Investor and Board Member, Founder & CEO of JC2 Ventures, and former Executive Chairman and CEO of Cisco, added, “In December 2023, I predicted that deepfakes would be the #1 issue for companies and countries alike in 2024, which has been extremely accurate. In my career, I have had the opportunity to help position companies to lead in these big market transitions, and I can say with confidence that Pindrop is uniquely positioned to do just that with their revolutionary voice security and authentication technology. What’s more, they developed their product in a matter of months, brought it to market, and secured their first five or six references the very next quarter. The entire VC group on their Board of Directors immediately invested in this effort and, under Vijay’s leadership, Pindrop will achieve the fastest run rate to $5 million in an entirely new product area by an existing company, compared to any other company I have seen. This new investment from Hercules Capital comes at a pivotal time for Pindrop, enabling them to further develop their cutting-edge audio, voice, and AI technologies and enhance their offerings for customers in the banking, finance, contact center, and insurance industries.”
SOURCE: PRNewswire