A Chicago-based device intelligence platform that works with thousands of companies to prevent fraud and improve security is looking to expand its user base.
The remote company, Fingerprint, announced a $33 million Series C raise on Tuesday led by Nexus Venture Partners with participation from Uncorrelated Ventures.
The raise — which builds the startup's total funding to date to $77 million — will be used to help the device identity solution expand with bigger customers.
"Basically anything that's anonymous on the internet where you can do something bad, we can help prevent because we can detect the devices that are behind the scenes," Dan Pinto, Fingerprint co-founder and CEO, told Chicago Inno. "If somebody is trying to log into somebody else's Dropbox account to steal information, their Fingerprint won't match even if they have the username and password that they stole somehow."
Fingerprint identifies devices through browsers or mobile operating systems to prevent cyberattacks. The main way companies use Fingerprint is to prevent fraud, but it can also be used to secure cryptocurrency exchanges, detect and prevent account sharing, build paywalls and restrict access for bad actors.
Some companies such as Dropbox use Fingerprint to detect and block account takeover attempts, while others including Neiman Marcus uses the technology to create personalized experiences for its most valued customers.
The company's commercial business has grown 20-fold over the past three years, which Pinto said helped in what has become a difficult fundraising environment.
"Our Series B raise was incredibly easy," he said. "We had multiple term sheets and the multiples were amazing in 2021. This time around it was much harder."
Fingerprint raised an $8 million funding round in February 2021 and followed it up with a $32 million Series B round in November less than a year later. Since then, the venture capital market has taken a turn.
However, like many startups during this time, Fingerprint was able to lean on existing investors. Already having backing from Nexus Venture Partners, which led the startup's seed round and recently raised a new growth fund, was critical for Fingerprint in securing a successful Series C raise, according to Pinto.
