Incognia Closes $15.5M Series A Funding Round
Ramping up from 0 to 200 million users in less than 18 months
Today at Incognia, we closed our Series A funding round of $15.5 million led by Point 72 Ventures. I want to take a moment to thank the incredible team at Incognia, our investors, and our customers for believing in our vision. From our first customer win 18 months ago to today, Incognia is now deployed in over 200 million mobile devices in over 20 countries.
While the vision for the company was first imagined ten years ago, it was not until 2020, when technology and market conditions finally aligned, that it was possible for the vision of Incognia to finally take off. It is challenging to commit to such a long-term vision. So, today I feel incredibly grateful to finally see the location technology we started developing in 2011 being used for the purpose we had always intended - to provide a frictionless authentication experience for mobile and the future of IoT.
The world needs a new solution for digital identity and authentication
Fraudsters have been gaining the upper hand by targeting users with social engineering scams that can fool even security experts. With identity fraud totaling over $55 billion in 2021 and affecting over 42 million U.S. adults1, users are burdened with high friction security that is unfortunately not stopping fraud.
Social engineering techniques will continue to evolve, so any authentication factor that relies on users' actions will not cut it. Mobile apps need a digital identity that is dynamic and constantly updating to stay ahead of fraudsters. This market environment of high friction and fraud has provided fertile ground to grow Incognia.
The location identity that the team at Incognia has developed is delivering unprecedented results. Incognia has developed a type of location behavior fingerprint for each user that can uniquely identify a user to an accuracy of more than 1 in 10,000,000, which is ten times more accurate than FaceID.
To date, 100% of the frictionless logins we authenticated using our location tech were, in fact, legitimate, which is an incredible result for a solution operating on hundreds of millions of events. Our solution provides substantially better results when compared to other approaches for mobile authentication and fraud prevention, including behavioral biometrics, facial recognition and others.
Another strong validation for using location for fraud prevention is Apple's recent upgrade to Apple Pay, which now uses location data as a mandatory signal to authenticate mobile payments from Visa credit cards.
We are still at the beginning of our journey to establish a new standard for digital identity and authentication. With our new funding, we have the fuel to continue our growth and global expansion.
Our vision for Incognia is clearer than ever. Security should be frictionless for the user, and we should be harnessing the power of technology to recognize trusted users without compromising privacy.
We believe that leveraging contextual information is the best way to authenticate users with no friction. Our cutting-edge location technology is the cornerstone of our strategy and will become the most ubiquitous authentication layer for mobile apps.
Read our press release for more details on this funding round.
Stay tuned for more exciting news from Incognia in the months to come.