Pindrop Security Raises $1M From Andreessen Horowitz To Detect And Block Phone Fraud

Pindrop Security, a startup that aims to prevent and protect against phone-based fraud, has raised $1 million in funding from Andreessen Horowitz, GRA Venture Fund, New World Ventures, Sigma Partners, and Webb Investment Network led by former eBay COO Maynard Webb. Angel investors Paul Bricault, Kevin Donahue, and Ben Ling also participated in the round. Pindrop says that phone fraud is a serious security problem for both enterprises and individuals. For example, credit card users activate their card using their phone and on the banks end, Caller-ID or Automatic Number Identification (ANI) is used to determine if it is the right customer. However, Pindrop says this information is limited and can be easily manipulated, leaving such services completely broken.

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