As much of our days are spent interacting with digital experiences, companies are increasingly looking for ways to unlock conversion and optimize fraud screening. Today, a startup that has built a real-time behavioral analytics tool is announcing funding as demand for its services increases.
Neuro-ID aims to make it easier for businesses to acquire and serve their genuine customers by leveraging crowd-level behavior that has been inaccessible until now. The company’s proprietary human analytics software translates every swipe and touch of user behavior into actionable insights that help companies see what is causing customer friction and drive conversion.
With a new round led by Canapi Ventures and existing investors Fin VC and TTV Capital, the startup raised $35 million in Series B funding to expand its product-led growth and global expansion. The company’s roster of customers includes Intuit, Square, Affirm, OppFi and Elephant Insurance, all of which are using Neuro-ID’s human analytics software to convert users at a 200% rate on average and reduce historical fraud rates by 35%.
Jack Alton, CEO of Neuro-ID, said the funding will allow the startup to hire additional engineers, accelerate product-led growth and expand globally. In the past year, the startup has nearly tripled its workforce to 60, Alton said.
The influx of funds will also allow the company to develop its artificial intelligence / machine learning (AI/ML) model, which is able to analyze large amounts of data and identify fraudulent rings and bot attacks. The AI / ML model can also help companies better target and segment their users and understand their intent so they can offer relevant products or services that meet those needs.
Investors are often interested in business goals and a track record of meeting milestones. But they also want to hear from founders and their teams about how the startup is executing on its mission. When it comes to fundraising, that means offering up customer interviews so investors can understand how a startup is impacting customers’ lives.
When deciding whether to invest, investors like Fin VC are always on the lookout for founders who can provide evidence of how they are meeting their business goals and driving growth. In the case of Neuro-ID, the company provided a lot of customer feedback and showed it was delivering value for its clients, Fin VC’s Allin said.
