TypingDNA, the digital security startup based in Romania and New York, has raised €1.3 million in seed round funding. The European venture firm GapMinder Venture Partners, as well as several international investors from the U.S., U.K., and European Union participated in the funding round.
The company intends to use the funds to refine their technology and to fuel international expansion in the financial and enterprise sectors. TypingDNA also plans to form new partnerships and increase awareness of their offline fraud prevention solution.
“We are now setting new standards in the industry. Our goal is to be the number-one provider of typing biometrics technology. We are focused on striking more partnerships with major players in identity, authentication, two-factor authentication (2FA) and fraud prevention”, says Raul Popa, CEO of TypingDNA.
Founded in 2016 in Romania, TypingDNA is a Techstars-backed company that has already gained much praise for its technology. In addition to winning several awards, TypingDNA launched a free Chrome extension that verifies user’s identity based on typing. ProductHunt named the extension the Product of the Day.
For quite some time, two-factor verification was the best advice in personal cybersecurity. But let’s face it – nobody wants to use a second device to log in. TypingDNA offers a novel approach to user verification by using typing biometrics. That means their software can recognize users based on the way they type.
This solution could help to prevent frauds including identity theft and data breaches. TypingDNA already acquired some clients in the U.S. and Europe. Among these are banks and financial service providers. In 2018, the company started partnering with identity access management (IAM) providers and security companies.
“We are constantly looking in the areas which can make a strong statement in what we call change, and AI is one of the main areas where we put our eyes and money. TypingDNA biometrics technology is using proprietary pattern recognition, anomaly detection and one shot learning algorithms, adding a lot of value to the bottom line. We feel TypingDNA is at the forefront of the ‘AI-first’ wave,” says Cosmin Ochisor, Partner at GapMinder, a Seed and Series A fund focused on investing in innovative AI technologies developed in Eastern Europe.