(Reuters) – BioCatch, a provider of technology for behavioural biometric authentication and threat detection, said on Tuesday it has completed a $10 million financing round.
The funding will be used to expand research and development and continue growth in key markets, including the United States and Europe.
The financing round was led by venture capital firm Blumberg Capital and equity crowdfunding firm OurCrowd. Existing investors also participated in the funding round.
BioCatch collects and analyses over 400 bio-behavioural, cognitive and physiological parameters to create unique user profiles for visitors to banking and eCommerce sites. BioCatch also authenticates visitors upon their return to a site and can identify users exhibiting potentially fraudulent behaviours.
“BioCatch’s goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and eCommerce sites,” said BioCatch Chief Executive Benny Rosenbaum.
Several leading financial institutions in the United States and Europe are currently testing the company’s product on their online or mobile banking sites, Rosenbaum said in a recent interview with Reuters.