Israeli-Founded Behavioral Biometrics Firm BioCatch Raises $145M
Israeli-founded cybersecurity firm BioCatch announced on Wednesday that it raised a $145 million Series C investment led by Bain Capital Tech Opportunities. New investor Industry Ventures and existing shareholders American Express Ventures, CreditEase, Maverick Ventures and OurCrowd, Israel’s most active investor also participated in the round.
The investment round brings BioCatch’s total funding to date to over $180 million.
BioCatch was founded in 2011 by entrepreneurs Avi Turgeman and the late Benny Rosenbaum. With over 40 registered patents, the company delivers behavioral biometrics analyzing human-device interactions to protect users and data. Financial institutions and enterprise companies use BioCatch’s tech to reduce online fraud and protect against a variety of cyber threats.
The new investment will accelerate BioCatch’s “rapid growth, broaden its product offerings and further support its expanding client base into new verticals,” the company said in a statement.
“BioCatch’s growth in annual recurring revenue and client base speaks directly to the growing demand for our service and the increasing number of use cases we are able to support,” said Howard Edelstein, BioCatch chairman and CEO. “The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations. In such times, technologies like behavioral biometrics become more important than ever. We are also excited to partner with a leading technology investor like Bain Capital, as well as grateful for the continued confidence of our existing investors, who know the company better than anyone.”
“BioCatch has quickly established itself as a pioneer in the digital identity space by developing next-generation behavioral biometrics technology that integrates fraud detection and authentication capabilities to protect end-users and their most sensitive transactions. Their technology is highly applicable to other verticals beyond financial services that have the same need to balance fraud and the user experience,” said Dewey Awad, a managing director at Bain Capital Tech Opportunities.
BioCatch has offices in Tel Aviv, New York, London, Sao Paolo, Mexico City, Sydney, and Mumbai.