Deduce, a collective intelligence platform helping to combat account takeover and fraud, has reportedly collected $7.3m in its seed round.
True Ventures acted as lead investor, with contributions also coming from Ridge Ventures, according to a report from Crunchbase. A handful of angels investors also contributed to the round, including ISS founder Tom Noonan and former Neustar CEO Lisa Hook.
Deduce leverages collective intelligence to democratise cybersecurity through developer-friendly tools that combat account takeover and fraud. Its platform is powered by 150,000 websites, to create a diverse identity data network.
By using this information, the technology is able to authenticate legitimate people and stop illicit players in their tracks.
The company co-founder and CEO Ari Jacoby claims the coronavirus has increased the threat of fraud. Jacoby claims account fraud has increased by 250% this year.
Its expansion plans include moving into other verticals including FinTech, e-commerce, education, healthcare and gaming.
The company is expecting to see a 70% increase in customer acquisition in the fourth quarter, the article said.
Deduce is planning to raise a Series A round next year, but no specific time has been established, the article claims.
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