Simility, a cloud-based fraud detection startup, has closed its USD5.7 million seed round, including tier one investor Trinity Ventures along with angel investors, adding USD2.25 million to the previously announced USD3.45 million investment led by Accel Partners.
“Investing in Simility is an investment in preserving trust in e-commerce, and they’ve already made remarkable progress,” said Trinity Ventures general partner Fred Wang. “In just a year, Simility has hired a team of data science, engineering and operations professionals, opened new offices, and deployed its private beta fraud detection offering in online marketplaces that serve millions of people worldwide.”
Simility’s adaptive fraud detection software and services combine machine learning with human analysis to spot and stop fraud in online marketplaces. The Simility SaaS platform is highly customizable and provides data visualisation capabilities to help fraud managers quickly and accurately root out fraudsters while protecting customers.
“We started Simility because online fraud was increasing in sophistication and volume, yet fraud detection technology was not keeping up,” says Rahul Pangam, CEO of Simility. “Fraud managers can benefit from machine learning that spots patterns in evolving fraudulent behavior not immediately obvious or intuitive to the naked eye. At the same time, human experience and intuition are essential to the successful application of technology to protect people from fraud.”
In closed beta, Simility has already caught thousands of fraudsters. Beta customers see an immediate uptick of 50-200 per cent in prevented fraudulent transactions per week, while decreasing false positives and saving operational costs.
