Spanish cybersecurity start-up Buguroo raises $11m
Madrid-based cybersecurity start-up Buguroo has secured $11 million in Series A funding to bring its deep learning-based online fraud detection and prevention offering to more financial services companies.
The funding round was led by Silicon Valley-based cybersecurity-focused investor Ten Eleven Ventures and Latin American (LatAm)-focused investor Seaya Ventures. Existing backers included Technology Investment Group and Conexo Ventures.
“Pablo de la Riva [founder and CEO] and the Buguroo team are talented innovators who have found a unique way to use AI to reduce online fraud,” says Ten Eleven Ventures’ Managing Partner Alex Doll.
“We are so impressed with the customer traction they have in Europe and Latin America. We look forward to helping them build a global cybersecurity company.”
The start-up builds unique “cyber profiles” for each financial services customer. By tracking smartphone and mouse movements, keystrokes, device profiling, and geolocation and malware records, it can stop fraudsters from impersonating customers.
Using these behavioural biometrics, Buguroo’s security products currently protect 50 million financial services customers in Europe and Latin America “from login to logout”.
Buguroo says it will use the new funding to expand its sales and marketing teams, as well as establishing its new presence in the US, UK, France and Germany.
The fresh capital injection will also be fed into its product ‘Fraudster Hunter’, which identifies and tracks the behavioural patterns of fraudsters to discover victims unaware they are on the receiving end of fraud.