From: RegTech Analyst
buguroo, a Spain-based cybersecurity platform, has collected $11m in its Series A round.
The round was led by cybersecurity-focused venture capital firm Ten Eleven Ventures and Spain and Latin America-focused investor Seaya Ventures. Previous backers of Buguroo, including Inveready Technology Investment Group and Conexo Ventures, also participated in the round.
The company helps protect customers of financial services from all known fraud use cases. To do this, it collects thousands of parameters relating to a customer’s behavioural biometrics and environment, such as geolocation, keystrokes and used devices.
With the fresh funds, the company will look to increase product developments, particularly its Fraudster Hunter solution.
The tool, which was recently deployed on its platform, identifies and tracks the behavioural patterns of fraudsters and their collaborators. Its solution leverages deep learning technology to uncover victims who are unaware they have been affected by fraud.
buguroo currently protects more than 50 million financial services customers across Europe and Latin America. With the funding boost, the startup will expand its sales and marketing into new geographies including the US, UK, France and Germany.
Buguroo founder and CEO Pablo de la Riva said, “With focused, regional investment in sales and marketing, we have proven the power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection.”
Earlier in the year, Ten Eleven Ventures returned to the fundraising market for its sophomore vechile.
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