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Voice security startup Pindrop raises £70m as it eyes European expansion

Pindrop, a US startup specialising in anti-fraud call centre software, has raised $90m (£70m) in series D funding to expand its presence in Europe and Asia.

The round was led by London-based venture capital firm Vitruvian Partners and will lead to a major expansion of its Shoreditch office in the coming months, CEO Vijay Balasubramaniyan told NS Tech.

Balasubramaniyan said the Brexit negotiations had not deterred him from anchoring the company’s European expansion in London, where a number of its audio engineers already work. “You can’t build businesses on the vagaries of the political climate,” he said, adding that the UK “has a lot of great talent”. 

The company says that in the US eight of the 10 largest banks use its fraudulent caller detection software, and it is now hoping to achieve a similar level of market penetration in other financial hubs.

“One of our key goals is to help leading high-growth companies like Pindrop grow in Europe and internationally,” sai​d David Nahama, senior partner at ​Vitruvian Partners, in a statement. “We are confident that Pindrop is poised for massive expansion given the company’s depth of engineering expertise, pioneering efforts in machine learning technology and patent portfolio.”

Other investors included Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs, as well as existing investors CapitalG, IVP, Andreessen Horowitz, GV and Citi Ventures.