Neuro-ID raises $35m for real-time behavioral analytics solutions

Neuro-ID, a US-based provider of real-time behavioral analytics solutions, has raked in $35 million in a Series B funding round led by Canapi Ventures.

The start-up’s existing investors — TTV Capital and Fin VC also took part in the financing round.

For the record, Neuro-ID had raised $7 million in a Series A round in December 2020.

Walker Forehand — Partner at Canapi Ventures said: “Neuro-ID’s differentiated platform and unique value proposition put the company at the forefront of the rapidly expanding behavioral analytics space. With its strong customer traction and impressive growth, Neuro-ID has already proven its scalability and product-market fit.

“The company is well-positioned to take advantage of tailwinds created by the digitization of financial services and growth of e-commerce as companies look to better understand customer intent and behavior.”

Established In 2014, Neuro-ID offers its real-time behavioral analytics solutions for fighting online fraud, boosting conversion rates, and enhancing customer experiences.

The company’s proprietary technology — Friction Index is said to simplify access to the behavior data of organizations to uncover important insights into the motive and emotion behind every interaction.

By giving visibility into customer behavior, Neuro-ID is said to detect genuine customers and isolate fraud in real-time. This means that customers can make transactions with little effort, while risk teams are alerted to fraudulent activity before a loss is inflicted.

Jack Alton — CEO of Neuro-ID said: “Neuro-ID enables its clients to tap into the real-time behavior and intent of the person behind the screen. 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.”

Neuro-ID claims to work with brands such as Intuit, OppFi, Square, Affirm, and Elephant Insurance.

Neuro-ID plans to utilize the proceeds to fast track its mission of unlocking conversion and streamlining fraud screening for digital organizations of various sizes.