A prominent fraud detection company has successfully raised £25 million in a recent funding round. The substantial investment will aid the company’s international expansion and enhancement of its software capabilities.
This Cambridge-based firm leverages machine learning, initially developed at Cambridge University, to identify fraudulent activity while distinguishing genuine customer interactions.
Funding Details
The £25 million funding round was led by Insight Venture Partners, a global private equity firm based in New York. Additionally, US-based venture capital fund MissionOG participated as a new investor, bringing the total amount raised by the company to $71.2 million.
Utilisation of Funds
The newly acquired funds will primarily support the company’s international expansion and further development of its innovative software capabilities. The firm aims to enhance its real-time fraud detection and prevention platform known as ARIC™, which employs Adaptive Behavioural Analytics to detect behavioural anomalies.
Company Progress
King stated, “Working very closely with our customers, we have developed a market-leading product to meet their fraud detection and prevention requirements.”
The successful funding round marks a significant step for the fraud detection firm as it continues its growth trajectory. By investing in product development and international expansion, the company is well-positioned to enhance its technological capabilities and global reach.