Mumbai, NFAPost: FingerprintJS Inc. announced $8 million in series A funding led by Nexus Venture Partners, with participation from Uncorrelated Ventures, Hack VC, ERA’s Remarkable Ventures fund and prominent angel investors including Rony Kahan, chairman and cofounder of Indeed.
FingerprintJS.com helps empowers developers to solve and prevent online fraud, spam, and account takeovers with their highly accurate browser fingerprinting as a service technology framework. It solution works in all browsers, including mobile and embedded in apps. It identifies visitors, performs instantaneous history checks, detects incognito mode reliably and do much more.
“Just as Stripe disrupted payment processing or Twilio disrupted communications by focusing on developers, FingerprintJS empowers developers to solve online fraud,” said FingerprintJS CEO Dan Pinto.
FingerprintJS began as an open source project that grew steadily, surpassing 10 million downloads and 12,000 GitHub stars. With over 8,000 websites actively using their open source library and hundreds of paying users, this investment will help FingerprintJS further enhance their product offering and accelerate adoption.
Nexus Venture Partners principal Abhishek Sharma said Nexus is thrilled to strengthen our partnership with FingerprintJS.
“It has been exciting to witness steady growth in their open-source adoption and business momentum. Dan and Valentin have built an attractive monetization model with self-serve sign-up and usage-based pricing that has led to 200+ paid customers rapidly,” said Abhishek Sharma
Nexus Venture Partners principal Abhishek Sharma also pointed out that online commerce is growing globally and the need for solving fraud has never been higher. “FingerprintJS API offers developers an important building block to seamlessly embed fraud prevention capabilities into their code,” Abhishek Sharma.
FingerprintJS believes their bottoms-up approach is a competitive advantage for selling into larger organizations, with developers investigating their technology before pushing their recommendation up the chain to department heads.
FingerprintJS Founder and CTO Valentin Vasilyev said software engineers have the best understanding of the problems that they can help solve. “They test our technology, see how accurate it is and then convince their business counterparts that building with us is the best solution,” said Valentin Vasilyev.
By working closely with the open source community, FingerprintJS has unearthed a variety of fraud use cases that their technology can solve, including protecting login pages from unauthorized users, stopping fake account signups, reducing credit card fraud, and preventing SaaS account sharing.
As for what is next for FingerprintJS, the company Chief Executive Officer Dan Pinto said browser fingerprinting is just the start of a suite of developer-focused fraud prevention tools.
“The amazing thing about building via open source and focusing on programmers is that they teach us new ways to use our technology and we can productise that insight to generate value for every other company experiencing the same problems,” said FingerprintJS CEO Dan Pinto.
Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $1.5 billion under management, Nexus operates as one team across the US and India. The Nexus family includes Aryaka, Cloud.com, Clover Health, Delhivery, Druva, Hasura, H2O.ai, Kaltura, Mezi, Observe.ai, PaySense, Postman, Pubmatic, Rancher, Sibros, Snapdeal, TileDB, Turtlemint, Unacademy, WhiteHat Jr, Zolo, and Zomato. For more information, visit www.nexusvp.com.
Uncorrelated Ventures was founded by Salil Deshpande with Bain’s backing to focus on open source and infrastructure software, both traditional and decentralized. Over 14 years as general partner and managing director at Bay Partners and Bain Capital, Salil invested $350M+ into 50+ companies early, including MuleSoft, DynaTrace, Buddy Media, SpringSource, Redis Labs, SysDig, Jambool, Dropcam, Tealium, Sonatype, Frame, DataStax, Netdata, Quantum Metric, Philz Coffee, Upgrade and DeFi projects Compound and Maker. Salil was on the Forbes Midas List of the 100 best-performing venture investors worldwide in 2013, 2014, 2015, 2016, 2017, 2018, and 2019.