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Tucson-based Neuro-ID uses technology developed at the University of Arizona to read users’ “digital body language”.
AP Photo, Elise Amendola
A startup founded to commercialize an online fraud prevention 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-based investment firm specializing in financial technology companies, which also included previous investors Fin VC and TTV Capital.
Neuro-ID was founded in 2014 based on research by co-founders Joseph Valacich, Professor of Management Information Systems at UA Eller College of Management, and his former Ph.D. Student Jeff Jenkins, now Associate Professor of Information Systems at Brigham Young University.
The analysis technology of Neuro-ID tracks and interprets the “digital body language” of the customers – online behavior, e.g.
The company’s customers include Intuit, Square, Affirm, OppFi and Elephant Insurance.
The most recent funding builds on a $ 7 million round of funding in December and follows an active year in which the company quadrupled customers and revenue, Neuro-ID said.
Valacich said after years of research it is gratifying to see the company’s technology being adopted by industry leaders and supported by key players.
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/cloudfront-us-east-1.images.arcpublishing.com/gray/XGU6SM7T4ND6XMX5IQROUZBVFY.jpg "Tucson Veterans Day Parade canceled due to downtown construction")