# Illuma Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/illuma-labs

- Industry: Software
- Headquarters: Plano, US
- Website: www.illuma.cx
- Total disclosed funding: $9M
- Latest round: Series A (Sep 10, 2024)
- Investors on record: 6

## About

Based in Texas, US, and founded in 2016 by CEO Milind Borkar and Jeremy Whittington, Illuma Labs, Inc., a.k.a. Illuma is a credit union service organization (CUSO) and research and development company that focuses on providing a fraud protection platform, offering real-time voice authentication, and fraud prevention solutions for credit unions and community banks. In September 2024, Illuma Labs, Inc. raised USD 9 million in a Series A funding led by LiveOak Venture Partners, with participation from Texas Dow Employees Credit Union, Connexus Credit Union, Forefront Venture Partners, Capital Factory, and Next Level Ventures.

Illuma provides voice authentication and fraud prevention solutions for community financial institutions, including credit unions and banks. Its flagship product, Illuma Shield™, leverages voice biometrics, AI, and machine learning to authenticate callers during contact center interactions. The technology operates in the background to verify identities, enhancing the caller experience by reducing call times and improving account security. Illuma's solution is designed specifically for smaller financial institutions, offering a system that prevents fraud and account takeovers.

The company plans to use its proceeds from September 2024 funding to advance the development of fraud prevention and voice verification technologies and to expand its market presence.

## Funding rounds

- Series A, Sep 10, 2024, $9M — Capital Factory, LiveOak Venture, Next Level Ventures, Forefront Venture Partners, Connexus Credit Union, Texas Dow Employees Credit Union

## Investors

- Capital Factory (https://capitalatlas.ai/funds/capital-factory) — Series A
- LiveOak Venture (https://capitalatlas.ai/funds/liveoak-venture) — Series A
- Next Level Ventures (https://capitalatlas.ai/funds/next-level-ventures) — Series A
- Forefront Venture Partners (https://capitalatlas.ai/funds/forefront-venture-partners) — Series A
- Connexus Credit Union — Series A
- Texas Dow Employees Credit Union — Series A