ROCKY HILL, Conn., Oct. 2, 2019 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced that it has closed on a $750,000 investment in Paygilant, an Israel-based fraud protection company for mobile payments and winner of the 2018 VentureClash competition.
The outlay is part of a larger investment round being raised that will help Paygilant establish its Connecticut-based U.S. headquarters and will be applied toward sales and marketing hires, product development, implementation support and general working capital for operations.
"We are excited to welcome Paygilant, an innovative cybersecurity company with tremendous prospects, to Connecticut," said Peter Longo, senior managing director of investments at Connecticut Innovations. "In less than a year since going to market, the company has completed multiple successful installations and won a number of prestigious industry awards. We are looking forward to continuing to support Paygilant and its management team as the company grows here in Connecticut."
Founded in Israel, Paygilant's unique frictionless authentication and mobile fraud prevention integrates and correlates multi-intelligence data sets to determine fraudulent behavior. Without impacting and imposing on the user, Paygilant runs in the background to seamlessly stop fraud before any damage is done. Using machine learning, Paygilant provides ongoing and continuous data analysis ensuring that transactions are approved only for legitimate users.
"Through our successful involvement with the VentureClash program, it became clear that Connecticut was the right place for us to establish our U.S. presence," said Ziv Cohen, CEO of Paygilant. "We are honored to have the support of Connecticut Innovations and look forward to growing our team and our business within the state."
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
About Paygilant
Paygilant makes digital payments safer, faster and easier.
Paygilant's unique frictionless authentication and mobile fraud prevention solution integrates and correlates multi-intelligence data sets to determine fraudulent behaviour. Without impacting and imposing on the user, Paygilant runs in the background to seamlessly stop fraud before any damage is done. Using machine learning algorithms, Paygilant provides ongoing and continuous data analysis ensuring that payments and transactions are approved only for legitimate users.
What makes Paygilant unique is that it does not rely on Behavioral Biometrics as the sole criteria for authentication, rather incorporates additional fraud indicators including Device Indicators and Transaction Analysis. Paygilant combines Device Indicators, Behavioral Biometrics and Transaction Analysis to decisively identify fraudsters from legitimate customers.
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SOURCE Connecticut Innovations
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