AimBrain, a London-based startup providing clients with biometric identity fraud protection services, has raised £4 million in Series A funding.
According to a report in TechCrunch, the round of funding for the startup was led by BGF Ventures, a venture capital fund investing in U.K. technology companies. Other Series A investors included Episode 1, Entrepreneur First and several angel investors such as Simon Rozas, Chris Mairs and Charles Songhurst.
Founded in 2015 by Andrius Sutas and Alesis Novik, both graduates of the Entrepreneur First program, AimBrain helps other FinTech companies and financial institutions fight fraud through biometrics. The startup’s technology utilizes biometric authentication technology to enable clients to better verify the biometric identity of their customers.
AimBrain’s offerings can validate the identity of a person through their voice, appearance and behavior. For example, the system can differentiate a person by how quickly they type or shake hands. A key market differentiator, according to the company, includes its plug-and-play approach that enables the simultaneous use of all three authentication markers for added security.
TechCrunch reported that a bank could use behavioral authentication to allow a customer access to an app without inputting passwords, vocal analysis could be used to authorize an account when making a call to the call center and facial recognition could be used at an ATM. Incomplete or unsatisfactory biometric authentication could also flag a security issue, prompting the user to use a different biometric like facial or voice verification to move ahead with the transaction.
“No single biometric is good enough in itself,” said Sutas in a recent TechCrunch interview. “To mitigate as much risk as possible, you need a platform approach. In both testing and live production, our technology has consistently outperformed the market, even on a single module.”
Henry Gladwyn of BGF Ventures told TechCrunch the investor is “very excited to be working with AimBrain. Their technology is exceptional and is poised to revolutionize the authentication process for financial services companies.”