Pindrop has secured $100 million in debt financing from Hercules Capital, Inc., to further develop its cutting-edge audio, voice, and AI technologies, which cater to a variety of industries, including banking, finance, insurance, healthcare, and others.
With contact center fraud attacks on the rise, one in every 730 calls to a contact center is expected to be fraudulent by the end of this year. This poses an estimated $5 billion fraud risk to U.S. contact centers.
To help combat this, Pindrop's technologies help organizations detect fraudsters and authenticate genuine customers at scale. Their solutions have so far analyzed 5.3 billion calls and prevented $2 billion in fraud losses. The company is on the mission to make the world safer and more secure by leveraging advanced voice authentication and fraud detection technologies.
"We're pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop. 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," said Pindrop Founder & CEO, Vijay Balasubramaniyan.
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. The company has also released the Pulse Deepfake Warranty that reimburses eligible customers if Pindrop's product suite fails to detect a deepfake or voice fraud.
