Chicago-based browser fingerprinting as a service startup, FingerprintJS Inc, on Friday announced that it has raised $8 million in Series A funding led by Nexus Venture Partners.
The round also saw participation from Uncorrelated Ventures, Hack VC, ERA’s Remarkable Ventures fund and prominent angel investors including Rony Kahan, Chairman and Co-founder of Indeed.
“Just as Stripe disrupted payment processing or Twilio disrupted communications by focusing on developers, FingerprintJS empowers developers to solve online fraud,” said Dan Pinto, CEO of FingerprintJS.
In a statement, the company said that it has several clients based in India already using its solution and several in evaluating/contract stages. FingerprintJS will be opening a data center in AWS Mumbai to improve performance for Indian clients.
FingerprintJS claims that it 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 its product offering and accelerate adoption.
“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,” added Abhishek Sharma, principal at Nexus Venture Partners. “Online commerce is growing globally; 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.”
By working closely with the open source community, FingerprintJS claims that it 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.
“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 productize that insight to generate value for every other company experiencing the same problems,” stated Pinto.