BioCatch

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BioCatch
Private
IndustryBehavioral biometrics
Founded2011; 10 years ago (2011)
Founder
  • Avi Turgeman
  • Benny Rosenbaum
HeadquartersIsrael/United States
Key people
Howard Edelstein (Chairman & CEO)
Websitebiocatch.com

BioCatch is an Israeli cybersecurity company that specializes in behavioral biometrics, a technology that can recognize whether or not online banking users are who they appear to be based on their online behavior, specifically their interactions with mobile and web applications.[1][2][3][4] BioCatch monitors the online behavior of more than 150 million customers on behalf of its client banks and evaluates over 1 billion digital sessions per month for fraud and other types of cybercrime in real-time.[5]

The following organizations have publicly identified themselves as BioCatch clients: American Express, Banco Itaú Unibanco, Banco Santander, Barclays, HSBC, National Australia Bank, National Westminster Bank, Principal Financial and Royal Bank of Scotland.[6][4][7][8]

BioCatch was founded in 2011 by Avi Turgeman and Benny Rosenbaum. Turgeman served in the Israel Defense Force’s (IDF) 8200 unit, which gathers signal intelligence, and subsequently developed the technology behind behavioral biometrics.[9] Longtime fintech entrepreneur and BioCatch Chairman Howard Edelstein was named CEO in 2018 ahead of a $30 million Series B funding round.[10]

Bain Capital led a Series C fund raising of US$145 million in April 2020.[11][12][13][14] The round was extended twice later that year, and in September Barclays, Citi, HSBC and National Australia Bank (NAB) invested an additional $20 million in the company, bringing the total for the round to $168 million.[15][16][6]

Tracxn, a research company backed by Accel Partners and Sequoia Capital, among others, named BioCatch to its “Soonicorn Club of Israeli Tech” in January 2021,” citing the $216 million in funding raised by the company to date.[17][18]

References

  1. Kreutzer, Laura (2020-04-15). "Bain Tech Fund Leads $145 Million Round for Biometrics Company BioCatch". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-15.
  2. "What is behavioral biometrics? - Definition from WhatIs.com". WhatIs.com. Retrieved 2021-01-15.
  3. Knapp, Alex. "Our Swipes, Ourselves: This Startup Prevents Identity Fraud By Observing Device Interactions". Forbes. Retrieved 2021-01-15.
  4. 4.0 4.1 Nash, Kim S. (2019-10-09). "Banks Use AI to Detect if It's Really You". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-15.
  5. "BioCatch's digital behavioural profiles now includes over 150 mln users". thepaypers.com. Retrieved 2021-01-15.
  6. 6.0 6.1 "Barclays, Citi and other big banks invest in behavior biometrics firm". American Banker. 2020-09-30. Retrieved 2021-01-15.
  7. "CEO CHAT: Howard Edelstein, BioCatch". Markets Media. 2019-12-17. Retrieved 2021-01-15.
  8. Apr 17; Burt, 2019 | Chris (2019-04-17). "Big Brazilian bank launches facial biometrics for auto loan applications | Biometric Update". www.biometricupdate.com. Retrieved 2021-01-15.
  9. "Avi Turgeman - Founder & CTO @ BioCatch - Crunchbase Person Profile". Crunchbase. Retrieved 2021-01-15.
  10. "Fintech Luminary Edelstein Signs on as BioCatch CEO". WatersTechnology.com. 2018-02-28. Retrieved 2021-01-15.
  11. Elder, Jeff. "AI startup BioCatch raises $145 million to help banks change how they do fraud detection because the coronavirus crisis means people don't want to use public touchscreens". Business Insider. Retrieved 2021-01-15.
  12. Beltran, Luisa. "Cybersecurity Firm Biotcatch Raises $145 Million From Investors Including Bain Capital". www.barrons.com. Retrieved 2021-01-15.
  13. "Biometrics security technology developer BioCatch raises $145M". TechCrunch. Retrieved 2021-01-15.
  14. Elder, Jeff. "16 hot cybersecurity startups pulling in funding and recognition despite the recession". Business Insider. Retrieved 2021-01-15.
  15. Elder, Jeff. "Banks are embracing biometrics startups that offer new ways of 'stopping bad actors at the front gate' without needing passwords — here's why experts say we're 'at a tipping point'". Business Insider. Retrieved 2021-01-15.
  16. "BioCatch - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2021-01-15.
  17. "Our Investors | Tracxn". tracxn.com. Retrieved 2021-01-15.
  18. "Soonicorn Club 2021: Top Tech Startups In Israel". tracxn.com. Retrieved 2021-01-15.

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