Pindrop, an Atlanta-based cybersecurity company, could make more acquisitions now that it is cash flow positive, said Vijay Balasubramaniyan, CEO and founder.

The company could acquire video security firms and providers of identity for agentic AI. Targets can have between USD 10m and USD 30m of ARR. “There are lots of great startups out of Europe,” Balasubramaniyan said, noting targets can be global.

The company has been cash flow-positive since 2025, he said. Pindrop made its first acquisition in 2022, acquiring Next Caller. “We could make more acquisitions now that we’re generating cash,” Balasubramaniyan said on the sidelines of last month’s RSAC conference in San Francisco.

The company started primarily in voice authentication but has since moved into video – detecting deep fakes, a business that is seeing surging demand. “We had more business in the first 18 months than the first product had in the first five years,” Balasubramaniyan said. “We are closing a customer a week – crypto firms, financial institutions, healthcare and retail.”

On the voice authentication side of the business, the company used to be heavily focused on financial services but is diversifying, he said. In financial services, 4% of cyber attacks come from AI bots, while the figure is 70% in healthcare and 30% in retail, he said.

In video, AI threats are on the hiring side of businesses. One in six job candidates is fake, according to him. He pointed to the widely publicized scam in which North Korean IT workers pose as US job applicants to secure employment. In the first three months of 2026, one in 47 applicants for US jobs, largely IT, were from North Korea, up from 1 in 343 in 2025, Balasubramaniyan said.

In a similar vein, generative AI and agentic AI makes it difficult for companies to tell a machine from a human. “We hope to be that company,” he said.

There are several startups entering the space including Reality Defender, Get Real and Clarity, Balasubramaniyan said. But they focus only on deep fakes. “We solve the entire identity problem in an agentic world.”

In terms of recent deals in the space, he pointed to ServiceNow’s acquisition of Move Works in 2025 and Palo Alto Networks’ acquisition of agentic AI firm Koi.

Pindrop has been backed by Andreesen Horowitz and others since 2013. “I own as much as anyone else. I am one of the highest in the cap table,” the CEO said

He thinks the company could be a candidate for an IPO but believes USD 400m in ARR is required for a successful debut. “That will take us another four to five years,” he said, adding that an IPO is the preferred exit.

The CEO would not disclose revenue but said it is “well north of USD 100m.” The company has more than 300 employees.

“Every year, we are adding 5 to 10 percentage points to our growth rate,” he said.

As reported by Mergermarket in 2021, Pindrop was established in 2011 and has raised about USD 212m to date including the closing of a Series D USD 90m funding round with financing from London-based private equity group Vitruvian Partners, Dublin-based venture fund Allegion Ventures, Singapore-based investment firm EDBI and Goldman Sachs.

In July 2024, Pindrop raised USD 100m in debt financing from Hercules Capital to accelerate fraud and deepfake detection technologies.

Kirkland & Ellis is Pindrop’s law firm. Aprio is its accounting firm. Hercules Capital is its lender.