Maverick Ventures led the latest round with additional participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, Janvest Capital, and other existing investors.
BioCatch CEO Howard Edelstein said the company will use the funding to expand into new markets and support new use cases. “Basically everything that is needed to scale and deliver on the promise of the company,” he wrote in an email.
The promise of the company is to “upend the cybersecurity paradigm” through what it calls behavioral biometrics. “Behavioral biometrics looks at the way people interact with devices and online applications, such as how a user moves the mouse, navigates between fields, presses on a device, and even how a user moves when holding a device,” Edelstein said.
The company, based in New York City and Tel Aviv, Israel, launched in 2011. Its security platform collects and analyzes more than 2,000 parameters to generate user profiles and model different types of genuine and malicious behavior.
The company monitors more than 5 billion transactions per month, and generates real-time alerts when it detects behavioral anomalies.
“Through various probabilistic algorithms and the models of genuine and malicious behavior, BioCatch ensures a person is who they claim to be when they login,” Edelstein said. “This prevents anyone or anything from taking over a session once the legitimate person is in and the creation of fake accounts in the first place.”
The company can’t name any customers publicly, but targets the banking and insurance sectors.
“We work with some of the largest tier-one financial institutions, banks, and credit card companies in the U.S., U.K., and Latin America,” Edelstein said.