New Funds for 'Behavior-as-a-Service' Firm Neuro-ID

Behavioural data tech provider Neuro-ID has raised $7m in a Series A round of funding, which it will use for development of its 'Behavior-as-a-Service (BaaS)' offering, and to expand into new markets.

Founded in 2014, Neuro-ID offers clients 'Human Analytics' technology with which to access their behavioral data and reveal insights into the intent behind an interaction, and the specific mindset of digital customers. According to the firm, by providing visibility into anomalous / atypical behavior, the software detects and isolates fraudulent customers in real-time, allowing genuine consumers to complete their transaction while stopping online fraud before it begins.

New funding has been led by Fin VC and TTV Capital, with participation for Canapi Ventures. Jack Alton (pictured), CEO of Neuro-ID, comments: 'Every company attempting to digitally onboard a new consumer, business or partner already has a valuable trove of behavioral data. However, capturing and interpreting how someone taps, types and swipes in real-time has proven to be difficult for even the most sophisticated digital organizations. This view into clients' behavioral data has enabled them to systematically reduce unnecessary friction for their genuine customers, while adding a valuable new layer of defense to stop 1st and 3rd party fraud'.

Web site: www.neuro-id.com .