- Behavior-as-a-Service (BaaS) technology Neuro-ID recently announced that it has raised a $7 million Series-A funding round led by Fin VC and TTV Capital
Behavior-as-a-Service (BaaS) technology Neuro-ID recently announced that it has raised a $7 million Series-A funding round led by Fin VC and TTV Capital. And Canapi Ventures also participated in the round.
Launched in 2014, Neuro-ID’s Human Analytics simplifies access to an organization’s behavioral data to reveal key insights into the intent behind an interaction and the specific mindset of the digital customer experience. And it serves industry leaders in payments, lending, insurance and banking. By providing visibility into anomalous/atypical behaviors, Neuro-ID’s proprietary technology detects and isolates fraud in real time, allowing genuine customers to complete their transaction while effectively stopping fraud before it starts.
For every $1 of fraud, it costs financial services firms about $3.64 in associated overhead. And successful fraud attempts in the COVID world have increased by 30%, according to LexisNexis. But less than 10% of people that start a digital journey, finish it. Neuro-ID tools have decreased fraud by 35% while increasing conversion by 200% by allowing businesses to remove high friction verification for their genuine customers.
Neuro-ID’s solutions unlock new visibility into real-time behaviors, enhancing traditional fraud screening – by catching sophisticated forms of fraud like bots that can elude historic or static data while ensuring the best applicants aren’t mistakenly targeted as false positives. And the simple JavaScript installation, supported by significant underlying IP, creates a win-win for every organization looking to build lasting digital relationships.
Neuro-ID will use the additional capital to accelerate product development and market penetration to ensure digital organizations of all sizes have the ability to translate their behavioral data into actionable insights and improve customer conversion.
KEY QUOTES:
“Every company attempting to digitally onboard a new consumer, business or partner already has a valuable trove of behavioral data. However, capturing and interpreting how someone taps, types, and swipes in real-time has proven to be difficult for even the most sophisticated digital organizations. This powerful new view into our clients’ behavioral data has enabled them to systematically reduce unnecessary friction for their genuine customers, while adding a valuable new layer of defense to stop 1st and 3rd party fraud. The implications for improved conversion and the overall digital customer experience have been game-changing.”
— Jack Alton, CEO of Neuro-ID
“We believe the integration of innovative technology like Neuro-ID is the future for financial institutions, insurers, and corporates to understand and connect with their digital customers and optimize conversion while reducing behavioral fraud, which costs the industry millions of dollars annually. Fin VC is thrilled to work with Neuro-ID as they continue to grow rapidly and make behavioural data applicable to everyone by enhancing customer experience in a less invasive and privacy preserving manner.”
— Logan Allin, Managing General Partner with Fin VC
“Neuro-ID’s rapid growth is evidence of their technological capabilities, a testament to their world-renowned founders and experts in Human-Computer Interaction (HCI), Drs. Joe Valacich and Jeff Jenkins, and validation for more than a decade of pioneering research.”
— Gardiner Garrard, founding partner at TTV Capital
