Pindrop Security, a US-based phone fingerprinting technology company, has closed its $11m series A funding led by venture capital firm Andreessen Horowitz and Citi Ventures, the corporate venturing unit of financial services company Citigroup. The round includes new investors, venture capital firms Redpoint Ventures and Felicis Ventures alongside Webb Investment Network (WIN), who previously led the company’s seed round.
The funding will be used to add resources in engineering, operations, sales and marketing in the US, Canada and Europe. Pindrop Security also announced that Scott Weiss, general partner at Andreessen Horowitz, will join the board of directors.
Vijay Balasubramaniyan, Pindrop Security co-founder and chief executive officer, said: “Having the venture arm of one of the largest banks in the world, Citi Ventures, participate in this round demonstrates how important our solution is to banks. This partnership will allow us to make the financial vertical a stronghold for our solutions.”
Arvind Purushotham, managing director at Citi Ventures, said: “Financial institutions are on the front lines, facing a well-organized, well-funded growth industry of cyber criminals. Pindrop Security developed a truly unique technology, providing a legitimate solution to address two of the biggest problems financial institutions face today, detecting attackers and seamlessly identifying legitimate callers.”