Total amount raised
$292.8 Millions
Latest funding date
December, 2018
Location
Pindrop has successfully raised significant funding over multiple rounds, securing backing from notable investors such as Hercules Capital and Cross Creek. The company specializes in AI-based IVR authentication and anti-fraud solutions, enhancing efficiency in call centers and preventing fraudulent transactions.
Keep reading to explore the intricacies of Pindrop's fundraising journey and the investors supporting this innovative platform.
What Is Pindrop?
Founded in 2011, Pindrop is based in Atlanta, Georgia. The company was established by Dr. Mustaque Ahamad, Paul Judge, and Vijay Balasubramaniyan, PhD.
Pindrop specializes in AI-based IVR authentication and anti-fraud solutions, enhancing call center efficiency and preventing fraudulent transactions. Their technology unlocks the value of voice interactions for various applications.
With a team of 251-500 employees, Pindrop continues to innovate in the field of voice security, providing solutions for fraud detection, multifactor authentication, and deepfake detection.
How Much Funding Has Pindrop Raised?
- Seed Round
- Amount Raised: $1M
- Date: May 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Pindrop's core technologies and establish a market presence.
- Grant
- Amount Raised: $500K
- Date: March 2013
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development in voice authentication and fraud detection technologies.
- Series A
- Amount Raised: $11M
- Date: June 2013
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: $30M
- Date: February 2015
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and accelerate product development.
- Series C
- Amount Raised: $80.8M
- Date: August 2016
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and invest in new technologies.
- Series D
- Amount Raised: $90M
- Date: December 2018
- Lead Investors: Vitruvian Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI capabilities and expand into new markets.
- Venture Round
- Amount Raised: $5M
- Date: December 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing innovation and product development.
- Debt Financing
- Amount Raised: $100M
- Date: July 2024
- Lead Investors: Hercules Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of fraud and deepfake detection technologies.
Total Amount Raised: $318.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Hercules Capital
- Details: Hercules Capital is a leading specialty finance company that provides senior secured loans to venture capital-backed companies in technology, life sciences, and sustainable and renewable technology industries.
- Investment Focus Areas: Technology, life sciences, sustainable and renewable technology.
- Notable Investments: Facebook, Airbnb, DocuSign.
- Vitruvian Partners
- Details: Vitruvian Partners is a European private equity firm that invests in high-growth companies across various sectors, focusing on dynamic situations characterized by rapid growth and change.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Just Eat, Skyscanner, Farfetch.
- CapitalG
- Details: CapitalG is the growth equity investment fund of Alphabet Inc. (Google), focusing on technology companies that are poised for significant growth.
- Investment Focus Areas: Technology, data, AI, enterprise software.
- Notable Investments: Lyft, Stripe, Airbnb.
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital and growth equity firm that invests in rapidly growing technology companies.
- Investment Focus Areas: Technology, media.
- Notable Investments: Twitter, Slack, Snap.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm that invests in both early-stage startups and established growth companies in the technology sector.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Facebook, Twitter, Airbnb.
What's Next for Pindrop?
With the recent $100 million financing, Pindrop is poised to capitalize on the growing need for advanced fraud and deepfake detection technologies. The company is set to enhance its offerings across various industries, including banking, finance, and healthcare, addressing the estimated $5 billion contact center fraud risk in the U.S. alone. This significant opportunity positions Pindrop to further expand its market presence and technological capabilities.
Future fundraising efforts seem likely, given the substantial backing from Hercules Capital and the involvement of major venture capital firms. These funds will be crucial for Pindrop to stay ahead of evolving cyber threats and continue innovating in AI and voice authentication technologies. However, the company will face challenges in maintaining the effectiveness of its solutions and navigating the rapidly changing landscape of cyber threats and regulatory requirements.
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