Deduce, a cybersecurity platform powered by real-time identity network data, has closed its Series A round on $10m.
Foundry Group acted as the lead investor, with contributions also coming from True Ventures.
Following the close of the round, the RegTech company has launched its Deduce Insights service. The new tool, which is claims to be the first-of-its-kind, increases digital identity telemetry and acts as a cybersecurity radar to give early warning of fraudulent behaviour among customers.
The tool provides companies with real-time analytics profiling and scoring based on more than one billion daily user interactions, which is compiled from more than 150,000 websites and 300 million user profiles.
Deduce CEO and co-founder Ari Jacoby said, “Following the success of our Customer Alerts product, companies told us that they wanted a platform to plug gaps in the data needed to proactively spot fraudulent behaviour so they could stop it before their customers were affected,”.
“We developed Insights to answer that call with a level of real-time user behaviour data unprecedented outside the walls of the world’s largest tech companies.”
The RegTech company claims its algorithms can provide early warning to detect and prevent threats, including account opening fraud, account takeover, account anomalies and more.
Foundry Group partner Lindel Eakman said, “Identity fraud is a huge problem facing any industry that registers or logs in customers. Account takeover fraud alone is expected to triple over the next five years.
“Few companies outside of the FAAMG club have the data and resources to counter that threat but Deduce’s innovative approach levels the playing field to let any company proactively protect its customers – and its reputation – as the pandemic-accelerated shift online becomes the new norm.”
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