Neuro-ID has raised $35 million in a Series B funding round, which will go toward its mission of improving fraud screening for digital organizations, according to a press release.
“Neuro-ID enables its clients to tap into the real-time behavior and intent of the person behind the screen,” said Neuro-ID CEO Jack Alton in the release. “With the false decline problem currently 70x larger than the global fraud problem, this new dimension of visibility enables organizations to identify and convert genuine customers that had previously been declined or subjected to unnecessary friction.”
Canapi Ventures led the round, and existing investors Fin VC and TTV Capital also participated, the release stated.
Neuro-ID was established in 2014 and works in real-time behavioral analytics solutions to fight online fraud and boost conversion rates and customer experiences, according to the release.
Its Friction Index platform looks at an organization’s behavioral data to reveal insights into user interactions, the release stated. The company can distinguish between legitimate users and fraudsters instantly, helping genuine customers seamlessly complete transactions and alerting risk teams to the bad actors before they can commit fraud.
Alton added in the release that issues like friction and fraud have given Neuro-ID the opportunity to help clients, and the new capital “provides the resources and deep domain expertise needed to fuel our growth in the years ahead.”
In December, Neuro-ID raised $7 million in a Series A funding round, according to the release. The company has spent this year growing and adding more clients.
Neuro-ID Vice President of Solutions Peter Andrious told PYMNTS in July that behavioral analytics can help soothe customer frustrations and stop cart abandonment.
Cart abandonment can be a critical blow, leading to lost revenues and customers. Andrious said many companies lack visibility into why customers act the way they do.