Fraud prevention company RedMarlin has bagged $10m in Series A funding led by ThomVest Ventures and Crosslink Capital.
Other contributors to the round included Cyber Mentor Fund, Nexxus Venture Partners, and Rain Capital.
The new equity will be used to boost the engineering and sales teams as well as increasing the development of its go-to-market strategy which is looking at new customers and industries.
According to RedMarlin, the global economy lost more than $300bn to online counterfeit goods in 2018 alone.
RedMarlin was built in 2017 by Abhishek Dubey and Shashi Prakash to offers companies a way of defending themselves from online scams and account takeovers. Through deep learning and computer vision, RedMarlin offers real-time monitoring, automated detection and immediate takedown of fraudulent sites and products.
Its solution can help identify counterfeit websites, and fraudulent products, emails, and social media.
One of the company’s tools is the CheckPhish.ai which is an open-source community tool tailored to security researchers and incident responders looking to real-time detection on fraudulent links.
Thomvest Ventures venture partner Umesh Padval said, “We are thrilled to be a lead investor in RedMarlin. The company is led by amazing co-founders and attacking a major customer pain point in a massive fraud detection market with a differentiated platform.
“Their automated platform — built on a foundation of computer vision and deep learning — enables high fidelity, real-time detection and remediation of fraud, which currently serves as a significant loss of revenue for major brands globally.”
The fraud-prevention company has seen a tenfold revenue growth since last year, it claims.
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