Verisoul secures $3.25m funding to tackle fake user menace with AI

Verisoul, an innovative company that leverages artificial intelligence (AI) to ensure the authenticity of users, has proudly announced its latest seed funding round, securing a total of $3.25m.

This investment was significantly bolstered by the contributions of leading investors including BITKRAFT Ventures, King River Capital, Third Prime, HashKey Capital, and Mike Monovoukas, the CEO of AcuityMD.

In today’s digitised business landscape, companies grapple with a considerable challenge of distinguishing genuine users from fraudulent ones. A startling statistic reveals that up to 30% of online traffic comprises malicious bots and AI. For some firms, this percentage soars to a staggering 80% or more, a number expected to rise given the advancements in generative AI technologies.

Verisoul has observed this burgeoning problem from close quarters. Their Chief Product Officer, Raine Scott, previously tackled fake users during his tenure at Ahead Financial. He discerned that the available solutions were tailored mainly for corporations with vast resources and experienced fraud teams. These solutions often entailed months of intricate integration and data science endeavours. Observations from within the industry, including from Verisoul’s Director of Strategy at identity and fraud heavyweight Neustar, highlighted the need for solutions more streamlined, less expensive, and more encompassing for all business sizes.

The solution? Verisoul’s state-of-the-art platform. Designed to combat fake users effectively, Verisoul seamlessly amalgamates data collection, cutting-edge machine learning models, and workflow creation. This powerful fusion ensures that businesses can quickly identify and negate fake user activities without impeding genuine user interactions. Among its many offerings, the platform can thwart fake sign-ups, halt automated activities, detect shared accounts, prioritise genuine high-value users, and provide a clear lens into accurate user metrics.

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