John Chambers, executive chairman at Cisco, has made investment in Pindrop, a voice security and authentication company based in US.
The undisclosed investment is in the personal capacity of John Chambers.
Pindrop has achieved growth among enterprise call centers thanks to its capability in mitigating customers’ exposure to fraud totaling $10 billion in fraud losses in the US last year. Call center fraud in the US increased more than 100 percent as companies are investing more heavily in physical and online security.
Pindrop’s Phoneprinting technology solutions are catching 80 percent of fraudulent calls while protecting hundreds of millions of calls annually.
According to Pindrop’s most recent 2016 US data, 1 in 937 calls into the call center were fraudulent, compared to 1 in 2,000 calls in 2015.
Pindrop in 2016
# Doubled its customer base, while revenues increased more than 100 percent
# added 8 of the top 10 US banks and two of top five insurance carriers
# achieved growth in the retail, healthcare, e-commerce and government sectors
# 500 percent increase in calls protected by Pindrop
# Opened its London office and won its first customer in Europe, Lloyds Banking Group
# Added more than 100 employees worldwide, totaling 255 employee
The US company also announced new board additions including John Chambers and Martin Casado, general partner at Andreessen Horowitz. Marc Andreessen, co-founder and general partner at Andreessen Horowitz has also joined as a Board Observer.
“These three entrepreneurs have all created global ecosystems and will help accelerate our growth and expansion in the voice security and authentication market,” said Vijay Balasubramaniyan, CEO and co-founder of Pindrop.
John, Martin and Marc join the existing board members that include Somesh Dash, IVP, Gene Frantz, CapitalG, Arvind Purushotham, Citi Ventures, Paul Judge, chairman and co-founder of Pindrop.