AimBrain Announces £4m Series A led by BGF Ventures
AimBrain, the world’s most advanced biometric identity as a service platform, today announces Series A investment of £4million, led by BGF Ventures.
Financial institutions are facing rising fraud levels. Global banking fraud is up 26% over the last year and the problem is worse as customers move to mobile and online banking. Mobile and internet banking fraud has risen 64% in a year.
AimBrain solves the problem of identifying customers of financial institutions across any banking channel, fixing the existing, broken system, which is unsafe, expensive, unpopular with customers and incompatible with global regulations. For other sectors that value user identity, AimBrain offers smooth customer experience while reducing fraudulent transactions and ensuring regulatory compliance.
The AimBrain platform is a deep-learning enabled service that provides authentication in a seamless, efficient and cost-effective way using biometrics.
The service’s behavioural biometrics track how a person uses a device, such as their typing speed, touch pressure and even how much their hand shakes as they hold it. Facial and voice recognition biometrics can identify a customer based on what they look like and sound like.
“We have built the leading provider of biometric identity as a service,” says Andrius Sutas, co-founder of AimBrain. “We know that financial institutions have a big problem with fraud prevention – and customers are not getting the best experience. That’s why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.”
Founded in London in 2015 by Mr Sutas and Alesis Novik, AimBrain’s technology can plug-in to any existing platform. Its scope is broad enough to cover the whole customer experience.
A bank could, for example, use behavioural authentication in the background, allowing a customer seamless access to a banking app. When that customer phones the call centre, voice analysis could be used, while facial recognition could be used at ATMs or in-branch.
Crucially, however, the platform offers the ability to use these modules in combination. If the behavioural analysis shows uncertainty about a customer’s identity when they are transacting on an app then that customer could be asked to step up to facial or voice recognition as well.
“No single biometric is good enough in itself,” says Mr Sutas. “To mitigate as much risk as possible, you need a platform approach. In both testing and live production, our technology has consistently outperformed the market, even on a single module.”
The London-based company has sales offices around the world, including in Johannesburg, Lagos, Dubai and Abu Dhabi. The founders have assembled a team of world-class machine learning experts and PhDs with a wealth of experience in the technology and finance industries. Peter Reynolds, who’s financial services experience includes time at Thomson Financial, Reval, Fundtech and HSBC, was an early investor before taking up the role of chief commercial officer.
Mr Sutas says: “Building our own technology is extremely important because it allows us to fully control our roadmap, deployments and business cases but it does require the best people. This investment will be crucial in helping us to expand our already world-class team.”
Along with BGF Ventures, other investors in this round include Episode1, which led the seed round, Entrepreneur First and well-known angels, including Simon Rozas, Chris Mairs and Charles Songhurst.
Henry Gladwyn, of BGF Ventures, says: “We are very excited to be working with AimBrain. Their technology is exceptional and is poised to revolutionise the authentication process for financial services companies. This is an area of great opportunity and we look forward to watching AimBrain grow and succeed.”
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