Open-source browser fingerprinting startup FingerprintJS Inc. said today it has raised $32 million in new funding to accelerate the development of additional developer tools, including a JavaScript bot detection application programming interface.

Craft Ventures led the Series B round. Also participating in the round were Nexus Venture Partners and Uncorrelated Ventures.

Founded in 2019, FingerprintJS offers browser fingerprinting APIs capable of identifying fraudsters even when they attempt to conceal their identity online. The company’s platform stems fraud without increasing customer friction, accurately identifying 99.5% of returning web browsers in less than 500 milliseconds of processing time.

Browser fingerprinting isn’t new, but FingerprintJS says its platform is different. It is not linked to a particular browser or device configuration and can handle browser upgrades and device configuration changes.

Software engineering teams use FingerprintJS’ technology to solve a wide variety of fraud use cases, including protecting login pages from automated attacks and phishing attempts with the platform providing data to payment processors to catch more fraud. The platform includes account sharing detection and prevention for software-as-a-service and subscription services, secures cryptocurrency exchanges, assists in protecting paywalls, prevents malicious users from trolling online communities and can restrict cheaters from accessing online games and gambling services.

The company has seen strong growth, with annual recurring revenue increasing 300% in the last year, off an undisclosed base. FingerprintJS’s open-source browser fingerprinting library has been downloaded more than 14 million times and is used by 12% of the top 500 websites by total traffic. Notable customers include eBay Inc., Coinbase Inc. Agoda Company Pte. Ltd., Yahoo, Western Union Co., TD Ameritrade Inc. and US Bancorp.

“Online fraudsters are becoming increasingly more sophisticated at evading detection while the risk for companies from account takeovers and breaches has never been higher,” Dan Pinto, FingerprintJS’ co-founder and chief executive officer, said in a statement.

“Adding additional authentication measures can reduce the risk, but negatively impact customer experience at the same time, slowing conversions and reducing revenue,” Pinto added, noting that “FingerprintJS solves a critical fraud protection gap by enabling accurate identification of every browser navigating to a website or app, without the cost of increased friction for customers”.

Including the new funding, FingerpirntJS has raised $44 million to date.

Image: FingerprintJS