Cybercrime preventing startup Deep Labs picks up $16m in new funding round

From: RegTech Analyst

Mastercard partner Deep Labs has bagged $16m to boost the development of its transaction authentication and authorisation technology.

Gunnar Overstrom, partner at Corsair Capital, Serendipity Capital and Gramercy Ventures, led the raise, which will see him and Robert Jesudason, founding partner of Serendipity Capital, join the board of directors.

“We are pleased to welcome such a high-calibre group of investors as we expand Deep Labs, add new customers and partners around the world, and continue to hire the best and brightest engineers and professionals,” said Chris Edington, CEO and founder of Deep Labs. “Our new investors have a true understanding of our business, our goals and our long-term strategy, and we look forward to benefiting from their unique expertise and experience.”

Edington founded Deep Labs in 2016 together with experienced digital payments and signal experts. The company deploys a suite of proprietary solutions for transaction authentication and authorisation. It is best known for leveraging the power of persona-based intelligence to improve businesses’ ability to safely integrate customer behaviour into their operations, increasing authentication accuracy and reducing susceptibility to cybercrime.

“We built Deep Labs with the objective of moving the world of decisioning from a static, one dimensional process to a multi-dimensional one that uses the most modern computing and mathematical methods available,” Edington continued. “With next-generation, persona-based intelligence that leverages true context-aware computing, our innovative products represent a new way for businesses and their customers to understand how an actor’s behaviour changes as it moves through time and space. I believe we have the team, the technology and the financial and strategic support to redefine authentication and authorisation.”

Deep Labs’ platform is said to enable clients to deliver better customer experiences, thereby increasing revenue while maintaining acceptable risk levels and reducing true fraud. Clients and partners ranging from leading financial services firms and governments to retailers rely on Deep Labs’ products. The Company’s early customers include global payments networks Visa and American Express, authentication leaders such as Clear, and the US government. Mastercard, NICE Actimize, Booz Allen Hamilton, and General Dynamics Information Technology are among the company’s partners.

“Deep Labs is a critical partner for Mastercard, particularly as we focus on enabling hyper-personalized services for citizens around the world,” said Miguel Gamiño Jr., executive vice president for global cities at Mastercard. “By bringing together Deep Labs’ unique technology with our platforms, we are able to enhance our offering and provide greater access to city services, identification, disbursements and secure payment capabilities. We are excited to continue our collaboration with the Deep Labs team.”

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