It was announced this morning that the Boston-based cybersecurity company BioCatch has raised $10 million in a Series A round of financing. The round was led by Blumberg Capital and OurCrowd, with existing investors participating in the raise.
BioCatch provides behavioral authentication and threat detection solutions throughout North America, Europe, and Latin America. The company's solutions offer enterprises like banks and eCommerce sites to significantly reduce the friction associated with risky transactions requiring sensitive private information. Rather than relying on two-step verification, security questions, SMS codes, CAPTCHAs, et al., the company allows tracks and analyzes over 400 bio-behavioral, cognitive, and psychological parameters to create unique user profiles for website visitors.
In the past year, BioCatch has seen tremendous growth, with banks, eCommerce sites, and various enterprises utilizing their cybesecurity solutions. Currently, the company is made up of 20 team members.
Back in April the company raised a venture round of $6.5 million. This new financing will be used to expand the BioCatch's R&D efforts and continue growth in their key markets. As part of the round, Ron Moritz of OurCrowd and Alon Lifshitz of Blumberg Capital will join BioCatch's Board of Directors.