PRESS RELEASE
San Jose, CA – January 31, 2024, at 10:00 am ET – Today, Incogniathe innovator in location identity solutions, announces it has closed $31 million in Series B funding led by Bessemer Venture Partner, with participation from FJ Labs and existing investors, including Point72, Prosus and Valor Capital. The financing will support Incognia’s continued development of cutting-edge digital identity signals, along with the company’s presence in North America, Europe and EMEA, as well as its expansion into new verticals, including consumer internet, financial services and eCommerce .
“This funding from Bessemer is further recognition of our innovative approach, and their support of Incognia is particularly significant given Bessemer’s expertise in the fraud prevention industry,” said André Ferraz, co-founder and CEO of Incognia. “Bessemer has a strong track record of supporting breakthrough SaaS solutions from companies like Twilio, Shopify, Toast, and Auth0, and we’re thrilled to be listed among these technology pioneers. This funding will allow us to deepen our product capabilities to remain at the forefront of fraud prevention and meet the growing market demand for a transparent solution that solves complex identity challenges.” Incognia’s cutting-edge technology combines device fingerprinting and exact location intelligence data into a single, flexible risk signal that can be customized for each stage of the user journey. From Incognia’s latest financing in June 2022, the company achieved notable successes, tripling revenue, achieving 200% net revenue retention, and converting 100% of trials. Incognia has offered its customers a six-fold return on investment, saving them on average millions of dollars per contract.
“Incognia is rapidly emerging as a market leader in combating fraud across a variety of customer segments, which is critical in today’s environment where fraudsters are becoming increasingly sophisticated thanks to recent breakthroughs in GenAI and the global proliferation of payments in real time,” said Charles Birnbaum, partner at Bessemer Venture Partners. “After years of development, André and the Incognia team have unlocked the power of highly precise location awareness combined with best-in-class device fingerprinting to generate fraud prevention signals, unlike any other vendor on the market. We have been following the company for some time and are really impressed with the team’s progress and impact on customers, and look forward to seeing them roll out their fraud prevention solutions globally.”
Incognia’s technology includes device tamper detection with advanced location spoofing prevention, tamper-proof location verification for user identification, and phishing-resistant, frictionless account security. Used individually or in combination, these features deliver results, including an 80% reduction in account takeovers, a 51% reduction in fake account creation, and an 84% reduction in new user churn.
“While distinguishing between good and bad actors online will always be a challenge, our goal is to help companies better address the problem with an identity signal that accurately recognizes users across devices without any friction,” added Ferraz.
Incognia has a dedicated team in four offices around the world, including San Jose, CA; New York, New York; Sao Paulo, Brazil; and Recife, Brazil. The company delivers secure digital experiences for global consumer internet businesses in the gig economy, marketplace and financial services industries by combining unprecedented security, privacy and convenience. For more information visit https://www.incognia.com.
About Incognia
Incognia is the innovator in location identity solutions that offer cutting-edge user verification and account security throughout the digital journey. Leveraging over a decade of experience in location technology, Incognia’s new approach enables seamless experiences using device intelligence and the most precise location data available. Incognia enables customizable risk analytics and actionable insights from day one that help consumer businesses prevent fraud, protect users and strengthen customer trust. For more information visit
https://www.incognia.com/.