Singapore’s EDBI joins $90m funding round in US startup Pindrop

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EDBI, the investment arm of Singapore’s Economic Development Board, has joined the $90-million Series D funding round in voice security and authentication startup Pindrop, according to an announcement.

The financing in Atlanta-based startup was led by London’s Vitruvian Partners, with participation from new strategic investors including Allegion Ventures, Cross Creek, Dimension Data, and Goldman Sachs.

Existing investors — CapitalG, IVP, Andreessen Horowitz, GV (formerly Google Ventures) and Citi Ventures  – also invested in the round, the startup said in a statement.

“Our broad range of investors collectively view Pindrop as the established industry leader for securing the future of voice as it moves beyond the voice channel and towards voice-enabled devices,” said Vijay Balasubramaniyan, co-founder of Pindrop. “This investment enables us to quickly boost our advancements in consumer IoT and voice technology while also continuing to strengthen our market-leading solutions for anti-fraud and authentication solutions for the global enterprise.”

The new infusion of capital will also serve to advance Pindrop’s evolution towards providing security and identity solutions for voice-assisted smart devices ranging from Google Home to smart locks to connected cars, it said.

EDBI investment in Pindrop signals the company’s intentions to establish stronger presence in the Asian markets. With EDBI’s APJ network, Pindrop will be able to expand its go-to market capabilities globally and serve a worldwide customer base, the statement added.

Pindrop claims to have clocked 137 per cent compounded annual growth rate (CAGR) in revenue over the last three years.

“Voice is fast emerging as the next generation human user interface (UI) with wide consumer and commercial applications, yet security remains a major concern. Pindrop’s world class AI voice security technology will be a significant enabler for wider voice UI adoption, beyond call centers,” said Chu Swee Yeok, Chief Executive and President of EDBI.

“Our investment in Pindrop is in line with Singapore’s trusted position as both a leading global financial centre in Asia and a development hub for new human-centric digital services. We look forward to working closely with Pindrop as a like-minded innovative player in Singapore’s vibrant AI ecosystem for their Asia expansion,” he added.

Investing since 1991, EDBI is an investor in select high growth technology sectors ranging from information & communication technology (ICT), emerging technology, healthcare, and other strategic industries.

EDBI recently backed the $40-million Series F financing round in US-based digital adoption platform WalkMe, which is seeking to further expand in the Asia Pacific region. Last month, it had also participated in a $28-million funding round for US chip design firm Ambiq Micro. In September, EDBI has also joined a $100-million funding round for UK’s ACORN OakNorth Holdings.

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