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Simility's AI-Enabled Fraud Prevention Technology Attracts $17.5M Investment


Modernizing Authentication — What It Takes to Transform Secure Access

Date: 12/14/2017 @ 1 p.m. ET

Palo Alto, Calif.-based Simility, a fraud prevention technology startup, announced on Dec. 12 that it had raised $17.5 million in a Series B round of funding led by Accel. PayPal, The Valley Fund and Trinity Ventures also lent their backing. To date, the firm has raised a total of $25 million.

Simility's SaaS (software-as-a-service) platform blends machine learning and human expertise to thwart fraudsters and help online merchants, payment services and financial firms adapt to the latest scams. Using the company's SDK (software development kit), APIs (application programming interfaces) and beacons, the solution gathers transaction data directly from a customer's mobile app or website to detect patterns and create models that call attention to suspicious behavior.

The solution can automate decisions on 99 percent of an organization's transactions, intelligently...(continued)

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