Illuma Labs Closes $9M Series-A to Accelerate Innovation and Battle Emerging Fraud Threats Targeting Banking Institutions
Illuma Labs, a leader in voice authentication technology for banking contact centers, has secured $9 million in Series A funding led by LiveOak Ventures, with participation from several other investors. This investment will accelerate the development of Illuma's voice verification solutions, addressing threats like fraud, voice cloning, and deep fakes.
The funding will also help expand Illuma's reach to more credit unions and banks nationwide. Early adopters TDECU and Connexus Credit Unions have reported significant benefits, including shortened call times by one minute on average and improved member service experience. Illuma has been recognized for its innovations in fraud prevention and AI technology, winning the CreditUnions.com award and being listed in Dallas Innovates' AI 75.
Illuma Labs, un leader nella tecnologia di autenticazione vocale per i contact center bancari, ha ottenuto 9 milioni di dollari in finanziamenti di serie A guidati da LiveOak Ventures, con la partecipazione di diversi altri investitori. Questo investimento accelera lo sviluppo delle soluzioni di verifica vocale di Illuma, affrontando minacce come frodi, clonazione vocale e deep fake.
Il finanziamento contribuirà anche ad ampliare la portata di Illuma verso più cooperative di credito e banche a livello nazionale. I primi utilizzatori, TDECU e Connexus Credit Unions, hanno riportato benefici significativi, tra cui una riduzione dei tempi di chiamata di un minuto in media e un miglioramento nell'esperienza di servizio per i membri. Illuma è stata riconosciuta per le sue innovazioni nella prevenzione delle frodi e nella tecnologia AI, vincendo il premio CreditUnions.com e figurando nella lista AI 75 di Dallas Innovates.
Illuma Labs, líder en tecnología de autenticación de voz para centros de contacto bancarios, ha conseguido 9 millones de dólares en financiación de la Serie A liderada por LiveOak Ventures, con la participación de varios otros inversores. Esta inversión acelerará el desarrollo de las soluciones de verificación de voz de Illuma, abordando amenazas como fraude, clonación de voz y deep fakes.
La financiación también ayudará a expandir el alcance de Illuma a más uniones de crédito y bancos en todo el país. Los primeros adoptantes TDECU y Connexus Credit Unions han informado beneficios significativos, incluidos una reducción de un minuto en los tiempos de llamada en promedio y una mejora en la experiencia del servicio para los miembros. Illuma ha sido reconocida por sus innovaciones en la prevención de fraudes y tecnología de IA, ganando el premio de CreditUnions.com y siendo incluida en la lista AI 75 de Dallas Innovates.
Illuma Labs는 은행 콜센터를 위한 음성 인증 기술의 선두주자로서 LiveOak Ventures가 주도하고 여러 다른 투자자들이 참여한 900만 달러의 시리즈 A 자금 조달을 확보했습니다. 이 투자금은 사기, 음성 클로닝 및 딥 페이크와 같은 위협에 대응하기 위해 Illuma의 음성 확인 솔루션 개발을 가속화할 것입니다.
자금은 Illuma의 영향력을 전국의 더 많은 신용 조합 및 은행으로 확장하는 데에도 도움이 될 것입니다. 초기 사용자 TDECU와 Connexus Credit Unions는 평균적으로 1분간의 통화 시간을 단축하고 회원 서비스 경험을 향상시킨 중요한 이점을 보고했습니다. Illuma는 사기 방지 및 AI 기술의 혁신으로 인정받아 CreditUnions.com 상을 수상하고 Dallas Innovates의 AI 75에 이름을 올렸습니다.
Illuma Labs, un leader dans la technologie d'authentification vocale pour les centres de contact bancaire, a obtenu 9 millions de dollars en financement de série A, mené par LiveOak Ventures, avec la participation d'autres investisseurs. Cet investissement va accélérer le développement des solutions de vérification vocale d'Illuma, en s'attaquant à des menaces telles que la fraude, le clonage vocal et les deep fakes.
Le financement aidera également à étendre la portée d'Illuma à davantage de coopératives de crédit et de banques à travers le pays. Les premiers utilisateurs, TDECU et Connexus Credit Unions, ont signalé des avantages significatifs, y compris un temps d'appel réduit d'une minute en moyenne et une amélioration de l'expérience de service pour les membres. Illuma a été reconnue pour ses innovations dans la prévention de la fraude et la technologie de l'IA, remportant le prix CreditUnions.com et étant répertoriée dans la liste AI 75 de Dallas Innovates.
Illuma Labs, ein führendes Unternehmen in der Sprachauthentifizierungstechnologie für Banken-Callcenter, hat 9 Millionen Dollar in einer Serie-A-Finanzierung gesichert, die von LiveOak Ventures geleitet wird, mit der Teilnahme mehrerer anderer Investoren. Diese Investition wird die Entwicklung von Illumas Sprachverifizierungslösungen beschleunigen, um Bedrohungen wie Betrug, Sprachklonung und Deep Fakes anzugehen.
Die Finanzierung wird auch helfen, Illumas Reichweite zu mehr Kreditgenossenschaften und Banken im ganzen Land auszudehnen. Frühzeitige Anwender wie TDECU und Connexus Credit Unions haben erhebliche Vorteile gemeldet, einschließlich einer durchschnittlichen Verkürzung der Anrufzeiten um eine Minute sowie einer Verbesserung des Serviceerlebnisses für die Mitglieder. Illuma wurde für seine Innovationen im Bereich Betrugsprävention und KI-Technologie anerkannt, hat den CreditUnions.com Award gewonnen und ist in der Liste AI 75 von Dallas Innovates aufgeführt.
- Secured $9 million in Series A funding to accelerate product development and expansion
- Recognized for innovations in fraud prevention, winning the CreditUnions.com award
- Listed in Dallas Innovates' AI 75 for pioneering work in artificial intelligence
- Early adopters report shortened call times by one minute on average, reducing operational expenses
- Hired Amy Travers, former Regional VP of Security and Biometrics at Nuance, to scale sales efforts
- None.
Insights
Illuma Labs'
- Increased market reach to more credit unions and banks nationwide
- Potential for revenue growth through expanded customer base
- Improved operational efficiency for clients, with Connexus Credit Union reporting average call time reduction of one minute, translating to significant cost savings
While the funding round is promising, investors should monitor Illuma's ability to scale operations and capture market share in the competitive fintech security sector.
Illuma Labs' focus on voice biometric authentication addresses a critical need in the banking sector. Their technology tackles emerging threats like voice cloning and deep fakes, which are becoming increasingly sophisticated. Key technological aspects:
- State-of-the-art voice biometrics accessible to financial institutions of all sizes
- Integration of AI for fraud prevention, as evidenced by their AI 75 recognition
- Streamlined authentication process, eliminating traditional out-of-wallet questions
The addition of Amy Travers, with her experience from Nuance, could accelerate Illuma's sales efforts and technology adoption. However, the rapidly evolving nature of AI and fraud techniques means Illuma must continually innovate to stay ahead of threats.
Illuma Labs is positioning itself well in the growing voice authentication market for financial institutions. The
- Increasing demand for fraud prevention solutions in banking, especially against sophisticated threats like deep fakes
- Growing adoption of voice biometrics in customer service to enhance security and user experience
- Potential for market expansion beyond credit unions to larger banking institutions
The company's focus on making advanced technology accessible to smaller financial institutions could be a key differentiator. However, competition in this space is likely to intensify as larger tech companies also develop similar solutions. Illuma's success will depend on their ability to maintain technological edge and expand their client base rapidly.
Illuma founder and CEO, Milind Borkar, recognized the significance of the latest additions to the list of investors committed to the company’s growth. “While we are excited about the capital infusion to accelerate our development of fraud prevention and deep fake detection tools, we are equally excited about bringing in new partners to fuel Illuma’s continued commercial growth. LiveOak Ventures and Forefront Venture Partners bring invaluable operating expertise and industry connections to help Illuma scale to the next level. And we are deeply appreciative of the continued support from Curql Fund, UsNet, Capital Factory, Connexus, and TDECU.”
With a diverse career that stretches over 27 years, Jeremy Whittington, CTO, has excelled in roles ranging from developer and architect to journalist, advisor, and serial entrepreneur. Under Jeremy’s leadership, the Illuma team has successfully converted innovations in voice biometric authentication into state-of-the-art products that are easy for financial institutions of all sizes to operationalize. “My career started in customer service, and that has been a primary driver for the past 20 years. It’s exciting to work on technology that can reduce fraud and improve the customer experience at the same time. A rare achievement.”
Venu Shamapant, Founding Partner at LiveOak Ventures, offered his perspective on the benefits of partnering with Illuma. “With Illuma’s position in the Fintech sector as a provider that delivers state-of-the-art voice biometrics accessible for financial institutions of all sizes, there is a clear growth path to becoming the preferred provider of voice authentication and fraud prevention solutions in this space.”
TDECU and Connexus Credit Unions were early adopters of Illuma’s Fintech solution. Both are continuing their support in this latest round of funding. Chad Rogers, Executive VP and COO at Connexus, spoke about the long-term benefits of having voice authentication in place. “Too often, adoption of increased security measures results in less convenient, less pleasant member service interactions. That said, our collaborative four-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite. Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their member service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions. With Illuma Shield, we’ve shortened individual call times by one minute on average, significantly reducing our operational expenses, and affording our members and employees a much more engaging, efficient, and secure experience.”
The Illuma team was celebrated in 2024 for Innovations in Fraud, winning the CreditUnions.com award in the fraud category. This accolade was followed by recognition of the company’s leadership in the inaugural list of AI 75 by Dallas Innovates for pioneering work in artificial intelligence.
The latest addition to the Illuma team, Amy Travers, is another significant win for the organization. Travers, formerly Regional VP of Security and Biometrics at Nuance, joined Illuma this year to systemize and scale the sales effort across the
About Illuma Labs
Illuma Labs is a Fintech company headquartered in
About LiveOak Venture Partners
LiveOak Venture Partners is a venture capital fund based in
About Forefront Venture Partners
Forefront Venture Partners was co-founded by Phil Nadel in 2014 and has invested more than
View source version on businesswire.com: https://www.businesswire.com/news/home/20240910032614/en/
Milind Borkar
1-972-217-7106
info@illuma.cx
Source: Illuma Labs
FAQ
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