Most of our days are built on digital experiences, and companies are looking for ways to open up conversions and facilitate fraud detection. Today, real-time Behavior Analysis Toolkit is announcing financial support as demand for its services grows.
Neuro-identification, A digital platform for real-time customer behavior analytics, has received $ 35 million in series B funding to help identify and understand the purpose of their digital customers and identify the root causes of customer disagreements.
The new capital Since its inception in 2014, it has increased its total financial support to $ 49.5 million following a $ 7 million consecutive fundraiser in December 2020.
Kanapi Ventures led the final round and merged with existing investors Fin VC and TTV Capital, both leading Series A.
Neuro-ID is not disclosing the price, but CEO Jack Alton said in an email that it was behind a “strong customer attraction.”
“Neuro-ID is on track to grow three to four times in 2021, both in terms of revenue and customer base,” he added. “This has been a big year for us, this time we have seen three to four times more customer and revenue growth as well as 500% of customer visits.”
The company’s customer list includes Intuit, Square, Afrim, Opfaye and Elephant Insurance, which translate user behavior into practical insights using Neuro-ID proprietary Human Analytics software.
Behavior Analysis allows their clients to view behavior data and optimize existing AI / ML models. Customers were able to increase conversions by an average of 200% and reduce historical fraud by 35%, the company said.
Alton plans to use the new funding to hire more engineering talent, accelerate production growth, and expand globally. Last year, the company doubled its workforce, which now stands at 60.
Canapi Ventures partner Walker Forhand said in an email that Nero ID is a one-stop shop for user needs and experience analytics, which has the unique ability to analyze first-time customers with others. Focus on replicating customer relationships, he said.
Implementing flawless customer trips is a priority for Fintex and banks, Forehand said, with less than 10% of people completing a digital trip. Traditional models are using physical features such as address and date of birth to verify, but neuro-identification uses other methods to determine whether a customer is genuine or fraudulent.
“This new customer behavior unlocks the ability to improve conversions to generate more revenue by quickly tracking good customers, making them more sophisticated in measuring ideas and improving the design quality of their digital products while minimizing fraud,” Forehand said. “The most exciting thing about Nero ID technology is that it doesn’t just apply to Fintech and the banks.