Incognia has raised $15.5 million in a Series A funding round led by Point72 Ventures, a New York-based venture capital fund focused on growing fintech and enterprise companies at every stage of growth.
The VC fund’s management were evidently impressed by Incognia’s unique approach to authentication, which is based primarily on the location signals and motion sensors of a given device. Using these signals, Incognia’s platform is able to create a unique identifier – or fingerprint, metaphorically speaking – for an individual user.
It’s an approach that is somewhat analogous to that of behavioral biometrics, in which an individual’s behavioral patterns are assessed for distinguishable patterns. And whereas behavioral biometrics specialists often frame their offerings as anti-fraud solutions without laying claim to authentication capabilities, Incognia has boldly proclaimed that its solution is “10 times more accurate than FaceID in uniquely identifying a user,” as the company framed it in a statement.
What’s more, Incognia says its false acceptance rate is under one in 17 million. These remarkable claims speak to a technological sophistication that is dearly needed amid escalating digital threats.
“As mobile apps take over the world, reducing fraud and improving customer authentication experiences should be the top priority for all major fintech companies and any mobile-first businesses that deal with money,” explained Point72 Ventures Partner Adam Carson. “We believe Incognia is at the forefront of mobile identity and authentication, and any mobile app that touches money has the potential to benefit from their solutions.”
The funding comes after Incognia achieved Service Organization Control (SOC) 2 Type II certification at the start of the year, attesting that its authentication platform meets certain third-party standards. That development itself came on the heels of Incognia’s establishment as a member of the Outseer partner program.
“We’re emerging as the global location identity leader, effectively combating the increasing fraud on mobile around the world,” boasted Incognia founder and CEO André Ferraz. “We’re dedicated to enabling our customers to deliver frictionless mobile experiences without compromising security and privacy.”
Point72 Ventures’ investment is particularly noteworthy for coming during a sharp downturn in private market flows, as detailed in a recent ID Tech feature. And if Incognia’s remarkable claims about its platform’s accuracy can be validated by third party organizations – or even behind closed doors for interested parties – it may result in further investment down the line.