SecurityWorldMarket

02/02/2018

Biometrics innovator attracts USD 17.5 million investment support

Palo Alto, Ca (USA)

Behaviosec, a pioneer in continuous authentication through behavioural biometrics, has raised a $17.5 million Series B investment, led by Trident Capital Cybersecurity. Cisco Investments and ABN AMRO also joined the round alongside existing investors Octopus Ventures and Conor Venture Partners.

Alberto Yepez and Ken Gonzalez of Trident Cybersecurity will join Behaviosec’s board of directors. Proceeds of the investment will be used to expand global operations and relocate corporate headquarters to the United States.

As identity becomes the new security perimeter, Behaviosec is considered to be the leading behavioural analytics platform to prevent fraud or account takeover while also preserving great user experience. Having secured billions of transactions for over 40 million users, the Company’s patented technology enhances identification and verification of users without relying on clunky tokens or annoying user interventions.

“Two-factor authentication isn’t enough given today’s cyber threat environment,” said Alberto Yépez of Trident Cybersecurity. “That’s why leaders in industry are moving toward a layered authentication approach to continuously and seamlessly monitor and secure trusted transactions and eliminate fake or malicious user sessions. We decided to invest in Behaviosec given production deployments authenticating user sessions for some of the most sophisticated financial institutions and governments around the world. In addition, the company continues to lead the innovation in behavioural biometrics through close partnership with leading cyber security vendors and government agencies, including DARPA.”

Behaviosec creates digital fingerprints of specific users by combining unique attributes such as keystroke cadence or finger pressure to create a clear picture of a user’s identity while working seamlessly across mobile devices as well as traditional computers or web browsers. The company answers the primary question for identity and access management – ‘Are you who you say you are’?

"The advanced technology of Behaviosec enables ABN AMRO to take the next step in protecting our customers," said Hugo Bongers, Director Digital Impact Fund, ABN AMRO.

“We are excited that both existing and new investors share our vision for behavioural biometrics and we will continue delivering on the promise to bring this decision intelligence to the masses in the coming years.” said Neil Costigan, CEO Behaviosec.

Behaviosec plans to launch new solutions for market introduction in early 2018. These solutions include enterprise authentication solutions, integrated decision intelligence for partner offerings with Gemalto, Vasco, Crossmatch, Nuance and others.

“We began supporting Behaviosec in 2014 because we knew they had identified a great growth opportunity in biometrics. Today we are thrilled to see the company’s substantial growth and to be joined by others in recognising their potential in outstanding biometric technology. We are very excited to see Behaviosec take its successful offering global,” said Simon Andrews, early stage investor at Octopus Ventures.


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