Bucharest-based startup TypingDNA, a creator of typing Biometrics technology, is to raise $7 million in funding. It uses AI-driven technology to identify people through their typing style both on mobile and laptop.
According to SEC filing, the TypingDNA is graduated from Techstars NYC in 2018 and got €1.3 million in seed funding early last year. Before the latest funding, the company had raised a total amount of $5.25 million.
The investors who took part in the early fundings include; European venture firm GapMinder Venture Partners, a venture outfit based in Amsterdam with the participation of several international investors from the US, UK, and EU.
TypingDNA was founded by a data scientist and entrepreneur Raul Popa in 2016 in Romania. It uses typing biometrics to enhance security through frictionless two-factor authentification and passive authentication. It already had its clients in the US and Europe and started collaborating with security companies and identity access management providers (IAM). The firm directly works with financial service providers and banks to curb online fraud.
TypingDNA raised its seed round 11 months before. It is planning to use the latest funds to increase their AI technology and boost their appearance in some sectors like enterprise and finance. It is also planning to join hands with firms that deal in identity and fraud prevention.
Typing biometrics is not a new idea. The PC world article published two years ago says research on this technology has been on for the past 20 years. The article further adds that most of the companies have wrong assumptions in recognizing authenticate individuals. At the same time, TypingDNA declares its biometrics technology and it is successful in recognizing authenticate individuals with a remarkable rate of 99% to 99.9%.
According to the company’s website, TypingDNA has been working with educational institutions to make sure that it helps the students to get correct credit scores.
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