Smyte scores $4m to look out for spam and scams

Online security startup Smyte has nabbed a $4m Series A round led by Avalon Ventures.

Baseline Ventures, Founder Collective, Harrison Metal, Upside Partnership and Y Combinator also participated.

The San Francisco-based company is a graduate of Y Combinator’s Winter 2015 programme that aims to identifies potentially malicious activity to prevent scams, spam and credit card fraud.

Smtye initially served peer-to-peer marketplaces and social apps, which are some of the most common targets for scammers and spammers.

It will now look to expand into SaaS providers, financial services companies and healthcare organisations.

Founder Pete Hunt said: “Companies are getting smarter about the online security and abuse risks posed to their businesses, but attackers are constantly changing tactics.

“What worked in terms of fraud, spam and harassment prevention last year or even last week may not be effective today.

“That’s why companies need a service that ritualistically consumes and analyses massive amounts of online account data, and gets smarter as it goes.

“We’ve made significant progress in product development over the past two years, and customers have reported cost savings, reduced customer friction and churn, and fewer incidents of fraud and spam.”

Smyte will use the capital to grow its teams and expand into new markets.

The company previously raised $2.25m in a June 2015 Seed round.

Copyright © 2017 FINTECH GLOBAL

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