Cybersecurity startup Innerworks, which specialises in Synthetic Threat Intelligence, has secured €3.7m ($4m) in seed funding to expand its AI-powered fraud detection technology.
The round was led by AlbionVC, with additional backing from Digital Currency Group, Founders Capital, Firestreak Ventures (Walter Kortschak), NVTBL Ventures, Metaversal Ventures, as well as senior executives from Citi, UBS, Coinbase, Checkout.com, Apple, and Crypto.com (Cronos).
Founded in 2020 by Oliver Quie, Oscar Hayek and Tom Ryan, Innerworks has built a security platform capable of identifying synthetic, AI-generated interactions with 97% accuracy. The system has already been tested in national infrastructure defence, collaborations with major digital asset platforms, and investigations into some of the largest cryptocurrency breaches on record.
The company intends to use the new capital to scale its platform, broaden its reach, and strengthen its defences against increasingly sophisticated AI-led cybercrime. Innerworks positions itself as a vital security layer for the internet, describing its technology as the “immune system” for digital ecosystems.
In 2024 alone, an estimated €184bn was lost to bot-driven attacks, while fraud attempts using deepfakes have risen by over 2,000% since 2022. Innerworks’ platform distinguishes genuine human behaviour from AI-driven imitations, addressing what it sees as one of the fastest-growing threats online.
A central feature of Innerworks’ offering is RedTeam, a crypto-bounty programme that enlists ethical hackers and AI agents globally to test and expose weaknesses in the system. The company says this approach provides real-world data to refine its defences. The solution integrates easily with client applications, requiring minimal code and operating silently in the background. It has already been deployed to uncover malicious activity linked to a €1.38bn hack attributed to North Korean operatives.
Innerworks CEO Oliver Quie said, “We’re facing AI-powered deception that can mimic legitimate users with frightening accuracy. Existing security companies have become obsolete because they assume threats will behave differently than legitimate users. Our platform solves this problem using Synthetic Threat Intelligence and decentralised training to defend against even the most sophisticated AI-based attacks.”
He added, “Having now proven our approach alongside global brands, we feel Innerworks is well-positioned to become core security infrastructure for the wider internet, helping to protect user ecosystems online.”
Copyright © 2025 FinTech Global
