Arkose collects $6m to tackle online fraud

Arkose Labs, a San Francisco, California-based provider of online fraud prevention technology, has closed a $6m Series A round.

The round was led by US Venture Partners, with Dafina Toncheva, a partner with US Venture Partners, and Jeremiah Grossman, founder and CEO of Bit Discovery, joining Arkose’s board of directors.

Kevin Gosschalk, CEO of Arkose Labs, said: “This funding will allow us to accelerate hiring across the organization, expand our product roadmap, build out our enterprise go to market teams, and solve multi-million dollar problems for our expanding customer base.”

With online fraud continuing to rise, Arkose Labs (previously known as FunCaptcha) combines user risk assessment and sophisticated enforcement challenges. Its technology aims stops abuse before it occurs without adding friction to the user experience. Arkose claims it is the only solution provider to offer a ‘100 percent service level agreement’ that includes a money-back guarantee for customers in the event that the technology does not stop an automated attack.

With additional offices in Brisbane, Australia, Arkose provides major global businesses in sectors including online marketplaces, travel, banking, social media, ticketing and online gaming with a tech solution to solve online fraud problems combining global telemetry with a patent pending enforcement challenge that stops fraud without false positives and without friction for users.

“As automated attacks become more sophisticated, there is a growing need for security solutions that can not only identify fraud and abuse, but also provide an enforcement capability to prevent it,” Gosschalk added. “Stopping fraud requires a solution rooted in prevention, not mitigation. This is what makes our technology unique. We are the only company to offer the combination of global telemetry and a reliable enforcement mechanism that is guaranteed to stop automated abuse.”

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