Simility Raises $3.45 Million to Protect Businesses Against Fraud and Abuse
San Francisco, CA (PRWEB) August 25, 2015 -- Simility, an emerging vendor of adaptive fraud prevention solutions, today announced it has raised a $3.45 million seed round led by Accel Partners. Simility’s adaptive fraud prevention solution is highly customizable and combines machine learning with human analysis to detect a wide range of fraudsters’ evolving tactics.
Fraud continues to be a big business. Over $1 trillion in losses and damages can be attributed to fraud in commerce, healthcare, insurance, occupational, banking sectors (source: IBM). With the rise in Internet usage, cloud computing, the sharing economy, and mobile device usage, an ever-increasing number of consumers and businesses are transacting online. Consequently, fraudsters are focusing on enhancing their online capabilities. They are circumventing commonly adopted fraud detection techniques, such as identifying endpoint devices, and checking for IP addresses and transaction velocity that are out of range with what is expected (Gartner report, 2014).
Simility’s founding team has a combined 27 years of cross-functional experience at Google successfully defeating fraudsters. “The key to fighting fraud effectively is to find the right combination of machine learning and human analysis techniques,” said Rahul Pangam, CEO of Simility.
"Simility’s unique approach allows it to meaningfully address fraud across a wide range of scenarios, well beyond just credit card fraud,” remarked Dinesh Katiyar, partner at Accel Partners.
Simility is currently in private beta with several customers. “Simility's tools offer a good balance between learning models and rule-based systems, which makes the solution more agile when making quick policy changes than other options on the market,” said one of Simility’s early customers.
The funding will support Simility’s expansion of its data science, engineering, marketing and sales teams as it prepares to launch its public product early next year. Simility’s pricing is based on the volume of data analyzed by its fraud detection engine. Contact Simility for a customized solution with full pricing details.
About Simility
Simility is a cloud-based fraud prevention software solution that combines the power of machine learning and human evaluation. Simility’s highly scalable platform protects SMBs and enterprise clients from the most sophisticated types of fraud and abuse attacks. It also empowers fraud analysts to quickly adapt to fraudsters’ evolving tactics – all without having to write code. Built “by fraud fighters for fraud fighters,” the founding team’s combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. Founded in 2014 with offices in Palo Alto and Hyderabad, India, Simility is backed by Accel Partners. For more information, visit http://www.simility.com.
About Accel Partners
Accel is a leading early and growth-stage venture capital firm, powering a global community of entrepreneurs. Accel backs entrepreneurs who have what it takes to build a world-class, category-defining business. Founded in 1983, Accel brings more than three decades of experience building and supporting hundreds of companies. Accel's vision for entrepreneurship and business enables it to identify and invest in the companies that will be responsible for the growth of next-generation industries. Accel has backed a number of iconic global platforms, which are powering new experiences for mobile consumers and the modern enterprise, including Atlassian, BlaBlaCar, Dropbox, Funding Circle, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Simplivity, Spotify, Slack, Supercell, World Remit and others. For more information, please visit the Accel Partners web site at http://www.accel.com. Find us on Facebook at http://www.facebook.com/accel.
Alex Andon, Simility, +1 4158103343, [email protected]
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