Voice Verification Solution Provider Illuma Labs Secures Investment from NYCUA and UsNet

https://finovate.com/voice-verification-solution-provider-illuma-labs-secures-investment-from-nycua-and-usnet/
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  • Illuma Labs, maker of the Illuma Shield voice verification platform, raised new funding this week from NYCUA and UsNet.
  • The amount of the investment was not disclosed. The funding comes one year after Illuma Labs secured $2.5 million in funding from the Curql Fund.
  • This week’s funding comes one month after the company partnered with Posh Technologies to win the “Next Big Thing” award from NACUSO (National Association of Credit Union Service Organizations) and Co-Op Solutions.

Voice authentication innovator llluma Labs secured new funding this week. The company announced that the New York Credit Union Association (NYCUA) and its affiliate UsNet, have teamed up to invest in the Plano, Texas-based company and support further development of its flagship Illuma Shield voice verification solution.

The amount of the investment was not disclosed. The company raised $2.5 million in funding from the Curql Fund just over a year ago

A Credit Union Service Organization (CUSO), Illuma Labs considers credit unions to be its key customers, investors, and partners. The company’s Illuma Shield technology enables call centers to leverage passive voice authentication to improve the user experience, guard against fraudsters, and boost operational efficiency by reducing call handle times, hold times, and abandon rates. A cost-effective, easy to deploy, and simple to use solution for mid-size financial institution call centers, Illuma Shield analyzes the unique aspects of a speaker’s voice and their communication device to create an AudioPrint that can be used to verify identity on subsequent calls. The AudioPrint process happens in the background, during normal conversation, without requiring the speaker to answer security questions or recite passphrases.

“This technology uses state-of-the-art Artificial Intelligence, Machine Learning, and Voice Biometrics to address three of the top concerns for credit unions today,” Illuma Shield founder and CEO Milind Borkar said. “The platform improves member experience by emulating the warm welcome of a brick-and-mortar visit while offering a very high level of protection against account takeovers. Cutting out the security Q&A process also creates operational efficiency by shortening call times. The infusion of investment from NYCUA and UsNet is highly valued since it helps us expand to serve even more credit unions.”

A Finovate alum since 2019, Illuma Labs announced a partnership with SCE Credit Union, a $1 billion institution with more than 60,000 members in Southern California and Southern Nevada, in May. Also that month, Illuma Labs and Posh Technologies collaborated to win the “Next Big Idea” award from NACUSO and Co-Op Solutions. The partnership combined the passive voice authentication of Illuma Labs’ Illuma Shield and Posh Technologies’ conversational AI IVR to help call centers cope with high call volume and talent shortages.

“Posh’s conversational AI and Illuma’s voice biometrics is a combination that makes sense,” Posh co-founder Karan Kashyap said. “As we do our parts as CUSOs to bring transformative technology to the credit union market, our partnership will enhance member security for credit unions while offering a streamlined authentication experience for the caller – a win-win. We look forward to a bright future with Illuma Labs.”


Photo by Miguel Á. Padriñán

https://finovate.com/voice-verification-solution-provider-illuma-labs-secures-investment-from-nycua-and-usnet/