New York-based BioCatch announced a $30 million funding round Monday, with plans to boost its platform that relies on behavioral analytics to detect fraud, including identity theft and spoofed accounts.
Launched in Israel, BioCatch proactively collects and analyzes more than 2,000 parameters to generate user profiles and model different types of genuine and malicious behavior. The platform measures a variety of actions, including mouse clicks, typing tendencies and swipe time on mobile. Enterprise security teams are alerted if anomalous behavior is detected, and are given the opportunity to replay sessions that are flagged as fraudulent.
The company has relationships with Experian, LexisNexis Risk Solutions and Samsung SDS. It also has partnerships with U.S.-based software company Nuance Communications and U.K. based-bank NatWest.
“We take pride in the track record we have amassed and the role that we play as an integral part of our clients’ identity strategy,” said BioCatch Chief Executive Officer Howard Edelstein. “This strategy cuts across the digital ecosystem, from stopping fraud in real-time to preventing fake accounts from being opened in the first place, all while enabling a seamless user experience.”
The round was led by Maverick Ventures, with additional participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other existing investors.
“Identity is becoming a central component that drives all things digital, which makes the BioCatch story extremely compelling on multiple levels,” said Matthew Kinsella, Managing Director of Maverick Ventures. “The company has demonstrated impressive traction and its clients are enthusiastic on the many ways that the technology can be used.”
You can see how BioCatch works in the video below: