The funding was led by Bessemer Venture Partners with participation from FJ Labs and existing investors, including Point72 Ventures, Prosus, and Valor Capital. The capital injection will facilitate the ongoing development of Incognia's digital identity signals and support its expansion into new regions and verticals, including consumer internet, financial services, and ecommerce across North America, Europe, and EMEA.
In the company press release, officials from Incognia brought up the significance of Bessemer's support, citing the venture firm's expertise in the fraud prevention industry. The funds will enable Incognia to enhance its product capabilities, reinforcing its position in fraud prevention and addressing the increasing market demand for transparent solutions to complex identity challenges.
Incognia's technology combines device fingerprinting and precise location intelligence data to create a flexible risk signal customisable for various stages of the user journey. Representatives from Bessemer Venture Partners acknowledged Incognia's emergence as a market leader in addressing fraud across diverse customer segments. They highlighted the company's utilisation of highly precise location awareness and device fingerprinting, differentiating it from other vendors in the market, and also expressed confidence in Incognia's global rollout of fraud prevention solutions.
Incognia's technology includes features such as device tamper detection, location spoofing prevention, tamper-proof location verification, phishing resistance, and frictionless account security. Used individually or in combination, these features have demonstrated reductions in account takeovers, fake account creation, and new user abandonment. Incognia officials further highlighted the company's commitment to assisting businesses in distinguishing between legitimate and malicious online actors.
The company operates globally with offices in San Jose, New York, and Brazil, delivering secure digital experiences for consumer internet companies in various industries, including the gig economy, marketplace, and financial services. Incognia completed its previous funding round in 2022. Specifically, in June 2022, the company announced it raised USD 15.5 million Series A funding to support growth and counter Identity fraud.
At the time, company officials stated that traditional authentication and fraud detection solutions aren’t ideal for users or for businesses, and in this context, the market is looking for more innovative technologies. Incognia is working to push the frontier of identity assurance and authentication to deliver increased security with minimal user friction.
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