One of Boston’s leading supplier of cyber fraud detection and threat intelligence- FiVerity, Inc., has reportedly announced generating nearly USD 2 million in an attempt to expand and improve its threat intelligence and cyber fraud detection platform as well as bolster the company’s growth in the long run.
The latest funding round was headed by Mendoza Ventures and a class of super-angels from the financial services and cybersecurity industries. The company would also use these funds to ramp up sales and marketing efforts.
FiVerity‘s machine-learning platform analyzes and prevents new and existing types of fraud more efficiently than any other current alternatives at credit unions, credit card providers, banks, and other financial institutions. Moreover, the platform overlays existing data services and systems with a layer of machine learning that gathers information and learns from human intelligence to offer a holistic view on fraud.
While speaking on recent fundraising, FiVerity Founder and CEO, Greg Woolf mentioned that the rising prevalence of synthetic identity fraud and threat has offered an initial focus for the company to mark a debut in the global cybersecurity market.
Further, the company has been observing tremendous results in preventing this type of cyber fraud, by over 40% of its credit union customers and bank. He added that the latest funding would help the company build momentum with its existing solutions, while further expanding to different types of financial cyber frauds and threat intelligence requirements.
On the other hand, Adrian Mendoza, General Partner and Founder of Mendoza Ventures, quoted that the firm has been observing a significant customer growth and market acceptance with FiVerity ever since their launch and are currently anticipating witnessing an impeccable growth in the near future.
Mr. Mendoza cited that while fraudsters are dwelling in an AI arms race, FiVerity allows credit unions and banks to stay ahead of their cyber fraud schemes as well as hackers.