Clearspeed Announces $27 Million Series C Funding
Financing will be used to accelerate growth in insurance and security sectors
October 06, 2022 11:26 AM Eastern Daylight Time
Clearspeed, the leading provider of voice analytics technology to assess security and fraud risk, today announced a $27 million Series C financing, bringing the company’s total funds raised to $50 million. The funding round was led by investors Ian McKinnon, founder of Sandia Holdings, LLC (“Sandia”), and Thomas O’Malley Jr., founder of PilotRock Investments, LLC (“PRI”), and supported by King Philanthropies (“King”), the philanthropic endeavor of Robert and Dorothy King. The Series C funding will support rapid commercial expansion and delivery of a world-class customer experience and continue to drive an innovative technology roadmap to serve the security and financial services markets.
“We are absolutely delighted with the support from our investors who see the impact Clearspeed’s customers are realizing through faster, easier, and radically more accurate risk assessment,” said Alex Martin, Co-Founder and Chief Executive Officer of Clearspeed. “With this funding we will meet the rising demand for our innovative technology and expand our product suite. Bringing Clearspeed’s voice analytics to more businesses empowers them to make faster decisions with confidence and deliver an incredible customer experience, while streamlining costs and reducing fraud.”
The company, founded in 2016, is a leading provider of voice analytics technology to assess risk that quickly yielded exceptionally high levels of assessment precision and accuracy, and pioneered a new method of delivering risk identification and straight-through processing at scale.
“Clearspeed was established to address the lengthy and complex screening processes that people face, enabling fast-tracking with a simple but highly accurate risk assessment capability that clears low-risk transactions quickly and alerts when additional review is needed,” said Jeff Williams, Clearspeed’s new Board Advisor and investor. “This funding will enable Clearspeed to better meet expansive market demands of more enterprise-wide, accurate risk assessment that drives up customer satisfaction and dramatically reduces costs.”
“We are reshaping how organizations approach security and fraud risk, changing the focus from finding the ‘bad actor’ to clearing the vast majority of ‘good actors,’” continued Martin. “We uniquely enhance existing security and fraud processes, helping our customers get to trust, faster. We are excited to be accelerating our growth with this funding as we look to make Clearspeed the risk assessment technology of choice in the security and financial services markets.”
Thomas O’Malley Jr. of PilotRock and Ian McKinnon of Sandia have been appointed to Clearspeed’s Board of Directors, effective upon closing of the investment. Jeff Williams, Operating Partner at Bain Capital Ventures, will also be joining as an investor and Board Advisor.
Clearspeed is the market leader for assessing risk in speech. Global organizations trust our highly precise, accurate and unbiased voice analytics to fast-track low risk while also alerting to possible fraud. Our customers and partners rely on the unique data we provide to improve their risk confidence, reduce their costs, and deliver an improved customer experience. Learn more at www.clearspeed.com.