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Phone fraud prevention company Pindrop Security wins $11m venture backing

20 Jun 2013

telephone-cable_sqAndreessen Horowitz and Citi Ventures have led an $11m Series A financing round for phone fraud prevention and call centre authentication business Pindrop Security.

Redpoint Ventures and Felicis Ventures were also new investors in the round alongside existing backers Webb Investment Network, which led the company’s seed round.

Pindrop said the new funding would allow it to meet “strong customer demand” with extra resources in engineering, operations, sales and marketing in the US, Canada and Europe.

Andreessen general partner Scott Weiss will join the company’s board of directors following the funding round.

He said, “Phone systems are the weakest link in fraud and authentication for corporations and attackers are exploiting that.

“Pindrop Security has a world-class team tackling this problem. Their unique acoustic fingerprinting technology allows customers to predict unknown fraud, identify repeat criminal rings and transparently authenticate legitimate customers.”

In December Andreessen Horowitz renewed its commitment to cloud computing security company CipherCloud through a $30m investment.

The firm had already taken part in a financing round for the company alongside Index Ventures and T-Venture, the corporate venture arm of telecoms giant Deutsche Telekom.

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