Security threats take all forms, and while many recent attacks have taken place in the digital realm, cybersecurity firms aren’t the only game in town. Case in point: Atlanta’s Pindrop Security, which just closed a Series B round in excess of $30 million.
A new, unnamed West Coast investor led the round, which now values the startup at more than $200 million. Backed by Andreeson Horowitz and Citi Ventures, Pindrop’s total funding now adds up to roughly $42 million. Previous investors include Redpoint Ventures, Felicis Ventures, Sigma Partners, New World Ventures, Webb Investment Network and GRA Venture Fund.
Founded in 2012 at Georgia Tech’s Information Security Center, Pindrop’s solutions are designed to protect enterprise call centers and individual phone users from criminals posing as legitimate callers. Thanks to the proliferation of the Internet and online calling tools, would-be criminals can spoof Caller ID systems and pretend to anyone they like. Pindrop’s software is designed to flag and block fraudulent callers, saving call centers time and money on authentication costs.
Pindrop will reportedly use the funds to add 100 new engineering, software development, sales and marketing reps to its 12,000 square foot office space in Atlanta’s Tech Square neighborhood. Gartner analyst Avivah Litan told the Atlanta Business Chronicle that the size of the raise indicates that Pindrop may also be preparing to target larger customers or markets, which would explain its interest in acquiring a more robust sales and marketing staff.
“Pindrop needs to make more people aware of the technology,” she told the Chronicle’s Urvaksh Karkaria. “You don’t want to be a supply driven company, you don’t want to (adopt a) build-it-and-they’ll-come (growth strategy).”
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