CellMax secures $2 million in Round B funding

Published 22 November 2006

Company markets voice biometrics to the call center industry; financing will support a major market pentration effort; demand for voice authentication grows among call center operators in proportion to identity fraud claims

As the market for call centers increases, and as privacy laws demand stricter protection of client information, the voice biometrics industry looks set to fly right along. By requiring voice authentication, financial and health institutions can be certain that the person calling to make a transaction or request records is whom he says he is. According to a 2006 Datamonitor report, the worldwide market for offshore contact center services will grow at a five-year compound annual growth rate (CAGR) of 13.4 percent; and a recent Frost & Sullivan study noted the increased use of automated technologies that employ voice biometrics as a major trend in the call center industry. No doubt, this is a tempting market.

Tel Aviv, Israel-based CellMax Systems is new to this game, but it is receiving some heavyweight support. The company this week announced it had secured $2 Million in Round B funding from U.S.-based CellMax Vision, led by Jacob and Nediva Schwarz, also known as the founders of IDS and NS Enterprises, Inc. (CellMax Systems closed a $1.3 million Round A funding investment in 2003 by the Wolfson Group, led by private investor Morris Wolfson, founder of Ness Technologies.) The funds will be used to help penetrate its proprietary VioMetrics security technology into the call center and CRM markets.

-read more in this company news release