A startup founded to commercialize online fraud technology developed at the University of Arizona raised $ 35 million in its second round of venture capital funding.
The investment in Tucson-based Neuro-ID was led by Canapi Ventures, a Washington, DC investment firm specializing in fintech companies, with participation from previous investors Fin VC and TTV Capital.
Neuro-ID was founded in 2014 based on the research of co-founders Joseph Valacich, professor of management information systems at UA Eller College of Management, and his former doctorate. student, Jeff Jenkins, now Associate Professor of Information Systems at Brigham Young University.
Neuro-ID’s analytics technology tracks and interprets customers’ “digital body language” – online behavior such as how they type or click on a form – to drive legitimate transactions while spotting and isolating customers. costly fraud in real time.
The company’s customers include Intuit, Square, Affirm, OppFi, and Elephant Insurance.
The latest funding builds on a $ 7 million funding round in December and follows an active year that saw the company quadruple its customers and revenue, Neuro-ID said.
Valacich said that after years of research, it is gratifying to see the company’s technology adopted by industry leaders and supported by key players.