Pindrop Security, a US-based provider of phone fraud prevention and call centre authentication services, secured $35m in a series B round featuring Citi Ventures, the corporate venturing arm of financial services company Citigroup, yesterday.
Institutional Venture Partners led the round, with Andreessen Horowitz, Felicis Ventures, Redpoint Ventures and Webb Investment Network also participating.
Pindrop previously received $11m in a 2013 series A round led by Citi Ventures and Andreessen Horowitz. Redpoint, Felicis and Webb also invested in that round.
Pindrop has developed a technology dubbed phoneprinting, which simplifies authentication and helps prevent identity theft and social engineering, the act of convincing a person a call is genuine and obtaining confidential information that enables the caller to break into a system.
Vijay Balasubramaniyan, Pindrop’s co-founder and CEO, said: “We are thrilled to have several of the largest US financial institutions and retail companies as customers. This additional investment will enable us to expand operations globally while continuing to serve our current customers with excellence.”