June 17--Behavioral biometric authentication and threat detection solutions developer BioCatch Ltd. has raised $10 million. Blumberg Capital and equity crowdfunding firm OurCrowd led the financing round, and were joined by current investors. The company will use the proceeds to expand its R&D and grow in key markets, including the US and Europe.
BioCatch proactively collects and analyses over 400 bio-behavioral, cognitive and physiological parameters to create unique user profiles for visitors to banking and e-commerce sites. It reduces friction associated with risky transactions, authenticates visitors upon their return to a site and identifies users exhibiting behaviors consistent with fraudsters. Enterprises use BioCatch as a tool to improve the employee authentication experience while protecting access to critical IT assets. "BioCatch's goal is to provide effective fraud protection, while improving user-experience for customers visiting banking and e-commerce sites," said BioCatch CEO Benny Rosenbaum. "This funding will allow us to continue strengthening our offering and expand our global reach in strategic markets, while keeping the world's largest and most influential institutions safe and secure."
BioCatch was founded by Rosenbaum and Head of Cyber Strategy Uri Rivner. It has 20 employees at its offices in Boston and Lod. Its solution is integrated into existing security structures to work with other fraud detection systems. The solution has demonstrated an 80% reduction in false positives for detecting the same amount of fraud, as well as spotted cybercrime activities that other solutions failed to detect such as Remote Access Attacks (RATs) and Malware.
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