This additional funding comes at an
instrumental time for Pindrop as the company continues to innovate
groundbreaking voice security and authentication solutions
ATLANTA, July 17,
2024 /PRNewswire/ -- Pindrop, a global leader in
voice authentication and security, today announced it has secured
$100 million in debt financing from
Hercules Capital, Inc. (NYSE: HTGC). This significant funding will
enable Pindrop to further develop its cutting-edge audio, voice,
and AI technologies, enhancing its offerings for customers in the
banking, finance, contact center, insurance, utilities, healthcare,
retail, and other industries.
Contact centers, which play a crucial role in these sectors, are
becoming increasingly vulnerable as cyberattacks grow more
sophisticated. As a result, contact center fraud has
surged by 60% in the last two years, reaching the highest levels
since 2019. By the end of this year, one in every 730 calls to a
contact center is expected to be fraudulent. Posing an estimated
$5 billion fraud risk to
U.S. contact centers, voice authentication solutions are imperative
in keeping a company secure.
On a mission to shape 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. To date,
Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and
detected 104 million spoof calls. Dedicated to leveraging good AI
to combat bad AI, Pindrop is making significant strides in the
fight against deepfakes.
"We're pleased to secure this financing with Hercules Capital at
such a pivotal moment for Pindrop," said Pindrop Founder & CEO,
Vijay Balasubramaniyan. "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."
John Chambers, Pindrop Investor
and Board Member, Founder & CEO of JC2 Ventures, and former
Executive Chairman and CEO of Cisco, added, "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."
Earlier this year, Pindrop notably 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. As AI's impact on this year's
election drew more attention from legislators and regulators.
Pindrop has been honored to have its CEO participate in the US
Senate Forum On AI, the Attorneys General Spring Symposium, and the House Financial
Services Committee's Bipartisan AI Working Group Roundtable.
This announcement follows several key milestones for
Pindrop:
- The release of Pindrop® Pulse, an innovative audio
deepfake detection solution offering real-time identification,
monitoring, and analysis of audio deepfakes with advanced liveness
detection technology.
- The launch of its 2024 Voice Intelligence and Security
Report, which provides an in-depth analysis of the current
fraud and security landscape while highlighting future
trends and new prevention techniques.
- 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.
"Hercules is incredibly excited to partner with Pindrop as they
continue working to transform the AI and voice authentication
landscape," said John Eggbeer,
Managing Director, Hercules Capital, Inc. (NYSE: HTGC). "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."
Pindrop continues to lead the way in voice authentication and
security, ensuring robust protection against fraud and
enhancing the safety of digital interactions for its customers. For
more information, please visit www.pindrop.com.
About Pindrop:
Pindrop's solutions are leading
the way to the future of voice by establishing the standard for
identity, security, and trust for every voice interaction.
Pindrop's solutions protect some of the world's biggest
banks, insurers, and retailers using patented technology that
extracts intelligence from every call and voice encountered.
Pindrop solutions help detect fraudsters and authenticate
genuine customers, reducing fraud and
operational costs while improving customer experience and
protecting brand reputation. Pindrop, a privately held
company headquartered in Atlanta,
GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad and is venture-backed
by Andreessen Horowitz, Citi Ventures, Felicis
Ventures, CapitalG, GV,
IVP, and Vitruvian Partners. For more
information, please visit pindrop.com.
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SOURCE Pindrop