|[May 01, 2012]
Pindrop Security Closes Seed Round from Andreessen Horowitz, Sigma Partners, Webb Investment Network and Others
ATLANTA --(Business Wire)--
Security, a leading innovator in combating phone-based fraud, today
announced the company has closed a $1 million seed round which includes
investments by Andreessen Horowitz, GRA Venture Fund, New World
Ventures, Sigma Partners, and Webb Investment Network led by former eBay
COO Maynard Webb. Prominent angel investors Paul Bricault, Kevin
Donahue, and Ben Ling have also joined the round. The company will use
the funds to scale customer acquisition and expand product development.
Caller ID is easily spoofed and this weakness allows
cybercriminals to steal billions of dollars annually from individuals,
banks and other enterprises. According to the FTC (News - Alert), 29 percent of fraud
victims are first contacted by phone. According to Gartner, "in most
banks, the phone channel remains seriously exposed." In fact, Pindrop
Security observed the volume of attacks increase by 52 percent in the
second half of 2011.
To counter this trend, Pindrop Security provides enterprise and
carrier solutions that detect and block phone-based fraud. Its
acoustical fingerprinting technology detects fraudulent calls and
authenticates legitimate callers, helping customers eliminate financial
losses and reduce operational costs. Pindrop Security's breakthrough
technology is the only solution that can verify the geographic origi of
a call and the phone type based on audio analysis.
"Phone (News - Alert) fraud is a global problem that is harming individuals and
call centers around the world," said Dr. Vijay Balasubramaniyan, Pindrop
Security's co-founder and CEO. "We are excited to have
these investors back us as we lead the fight against phone fraud."
Pindrop Security has developed and begun deploying the following
products to customers:
Phone Reputation Service - a threat intelligence service that
includes the largest, most detailed database of fraudulent callers in
the world as well as analysis and predictive tools to track phone
Fraud Detection System - technology that analyzes phone calls to
identify fraud by determining the true geographic origin and phone type
Pindrop Security's patent-pending algorithms are based on research
developed at the Georgia Tech Information Security Center. Pindrop has
also received grants from the National Science Foundation SBIR program,
GRA's VentureLab and funding from the Technology Association of Georgia.
Additional Atlanta investors participating in the round include
Flashpoint, Mark Buffington of Buckhead Investment Partners, and Tal
Cohen, founder of Clickfox.
Pindrop Security's cofounders include Dr. Paul Judge and Georgia
Tech professors Dr. Mustaque Ahamad and Dr. Patrick Traynor. Paul Judge
serves as executive chairman and was previously CTO of CipherTrust which
was acquired by Secure Computing, CTO of Secure Computing which was
acquired by McAfee, and founder and CTO of Purewire which was acquired
by Barracuda Networks (News - Alert).
Pindrop Security was named one of the 10 Most Innovative Companies
at the 2012 RSA Conference and a Gartner "Cool Vendor" in Enterprise
Unified Communications (News - Alert) and Network Services for 2012. Pindrop Security
was selected to present at Finovate Spring 2012 conference on May 7 & 8.
About Pindrop Security
Pindrop Security provides enterprise solutions that help prevent
phone-based fraud. Its acoustical fingerprinting technology detects
fraudulent calls and authenticates legitimate callers, helping customers
eliminate financial losses and reduce operational costs. Pindrop's
breakthrough technology is the first of its kind to fingerprint
individual phone calls, providing verification of caller provenance.
Recently named one of the 10 Most Innovative Companies at the 2012 RSA (News - Alert)
conference and a Gartner "Cool Vendor" in Enterprise Unified
Communications and Network Services for 2012, Pindrop's solutions help
companies feel more confident in the security of phone-based financial
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