Aura, a provider of comprehensive digital security for consumers, has announced a $150 million Series E funding round led by Warburg Pincus, a global growth equity firm. Chandler Reedy, Managing Director and Head of Strategic Investments, Warburg Pincus and Brian Chang, Managing Director, Warburg Pincus, will join the Aura board of directors.
Aura has raised a total of approximately $450 million to date from investors including Accel, General Catalyst and WndrCo, in addition to Warburg Pincus.
“The rise of digitization and with it, digital crime, is fueling a rapidly expanding market opportunity for personal digital security with a total available market of more than $100 billion. In the first quarter of 2021 alone, identity theft grew more than 130 percent, driven by a dramatic increase in government benefits fraud — up nearly 4,000 percent,” said Hari Ravichandran, Founder and CEO, Aura. “At Aura, we’re working to bring peace of mind to consumers that their families are protected from financial crime.”
“We are seeing cybercrime rise at an unprecedented rate. Criminals are becoming increasingly sophisticated and criminal schemes are becoming increasingly complex across multiple vectors. The personal digital security marketplace has many point products. However, there is a clear need for a comprehensive solution to protect consumers against this growing threat,” said Chandler Reedy. “Aura is targeting that gap with an all-in-one solution that makes digital security simple for consumers.”
Brian Chang added, “We look forward to partnering with Hari and his talented team whose innovative technology enables customers to seamlessly navigate their cybersecurity needs. Our investment in Aura complements and underscores our thesis-driven approach to investing in highly sophisticated cybersecurity platforms.”
With this new investment, the company will focus on enhancing its customer experience, growing the user base of the new Aura product, accelerating development of new features and implementing programs to increase consumer awareness through a national advertising campaign.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.