Illuma Labs, a leader in voice authentication technology for banking contact centers, has secured $9 million in Series A funding. The investment was led by LiveOak Ventures and includes contributions from Forefront Venture Partners, Curql Fund, UsNet, Capital Factory, Connexus, and TDECU. This funding will accelerate Illuma’s development of advanced voice verification solutions to combat fraud, voice cloning, and deep fakes, and will expand its services to more credit unions and banks nationwide.
Milind Borkar, Illuma’s founder and CEO, expressed enthusiasm about the new investors and their role in the company’s growth. “The infusion of capital is exciting for accelerating our fraud prevention and deep fake detection tools. We’re equally thrilled to welcome new partners like LiveOak Ventures and Forefront Venture Partners, who bring invaluable expertise and industry connections. We also deeply appreciate the continued support from Curql Fund, UsNet, Capital Factory, Connexus, and TDECU.”
Jeremy Whittington, CTO of Illuma, brings over 27 years of experience in various roles, including developer, architect, journalist, advisor, and serial entrepreneur. Under his leadership, Illuma has transformed voice biometric authentication innovations into user-friendly products for financial institutions. “Starting my career in customer service has driven my focus on technology that reduces fraud while enhancing customer experience,” Whittington said. “It’s rewarding to work on solutions that achieve both goals.”
Venu Shamapant, Founding Partner at LiveOak Ventures, highlighted the growth potential for Illuma. “Illuma’s advanced voice biometrics position them as a leading provider in the Fintech sector. We see a clear path for them to become the top choice for voice authentication and fraud prevention solutions.”
Early adopters of Illuma’s technology, TDECU and Connexus Credit Unions, continue to support the company’s latest funding round. Chad Rogers, Executive VP and COO at Connexus, praised the benefits of voice authentication. “Our partnership with Illuma and their innovative Illuma Shield technology has significantly reduced fraud while improving member service. We’ve shortened call times by an average of one minute, cut operational costs, and provided a more efficient and secure experience for our members and employees.”
