Pindrop (a leader in voice authentication and security) announced it has secured $100 million in debt financing from Hercules Capital. This funding will enable Pindrop to develop its audio, voice further, and AI technologies, enhancing its offerings for customers in the banking, finance, contact center, insurance, utilities, healthcare, retail, and other industries.
Contact centers play a major role in these sectors and they are becoming increasingly vulnerable as cyberattacks grow more sophisticated. So contact center fraud has surged by 60% in the last two years, reaching the highest levels since 2019.
One out of hundreds of calls to a contact center is usually fraudulent. This presents billions of dollars in fraud risks to contact centers, so voice authentication solutions are essential in keeping companies secure.
With a goal of shaping 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. So far, Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and detected 104 million spoof calls. Dedicated to utilizing good AI to fight bad AI, Pindrop is making significant strides in the fight against deepfakes.
Earlier this year, Pindrop identified the Text-to-Speech (TTS) engine used in the President Biden robocall attack urging New Hampshire voters not to vote during the Democratic primaries.
This announcement follows several major milestones for Pindrop:
1.) The release of Pindrop Pulse, which is an audio deepfake detection solution offering real-time identification, monitoring, and analysis of audio deepfakes with advanced liveness detection technology.
2.) The launch of its 2024 Voice Intelligence and Security Report, providing an in-depth analysis of the current fraud and security landscape while highlighting future trends and new prevention techniques.
3.) The debut of the Pulse Deepfake Warranty, a pioneering warranty that reimburses eligible customers if the Pindrop Product Suite fails to detect a deepfake or synthetic voice fraud, offering peace of mind and maintaining cutting-edge defense against evolving cyber threats.
KEY QUOTES:
“We’re pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop. 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.”
— Pindrop Founder & CEO, Vijay Balasubramaniyan
“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.”
— John Chambers, Pindrop Investor and Board Member, Founder & CEO of JC2 Ventures, and former Executive Chairman and CEO of Cisco
“Hercules is incredibly excited to partner with Pindrop as they continue working to transform the AI and voice authentication landscape. We’re proud to support their mission of safeguarding major institutions from rising cyberattack threats. This financing will help accelerate their growth and innovation, enabling them to expand their reach and enhance their capabilities in providing robust security solutions.”
— John Eggbeer, Managing Director, Hercules Capital
