Israeli bio-authentication company gets $10 million funding
BioCatch's fraud protection technology based on behavioral biometric recognition is currently in trial with leading U.S. and European financial institutions.
REUTERS - BioCatch, an Israeli company providing behavioral biometric authentication and threat detection technology, announced the completion of a $10 million financing round on Tuesday.
The funding will be used to expand research and development and continue growth in key markets, including the United States and Europe, the company said.
The financing round was led by venture capital firm Blumberg Capital and equity crowdfunding firm OurCrowd. Existing investors also participated in the funding round.
BioCatch collects and analyses over 400 bio-behavioral, cognitive and physiological parameters to create unique user profiles for visitors to banking and eCommerce sites. BioCatch also authenticates visitors upon their return to a site and can identify users exhibiting potentially fraudulent behaviors.
"BioCatch's goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and eCommerce sites," said company Chief Executive Benny Rosenbaum.
Several leading financial institutions in the U.S. and Europe are currently testing the company's product on their online or mobile banking siyes, Rosenbaim said.
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