Fraud and risk prevention solution provider company Simility has raised Series B funding of $17.5 million led by its existing investor Accel Partners, reports The Economic Times. Other investors including PayPal, The Valley Fund, and Trinity Ventures also participated in the funding round.
The publication reports that the company will use the fresh capital to strengthen its technology and expand its business and team. Founded in 2014 with offices in Palo Alto, CA and Hyderabad, Simility is a cloud platform which uses machine learning and human analysis to detect risks and fraud in an organization. The company currently caters to clients in segments like e-commerce, fintech, and banking.
What kind of frauds it detects? The company for instance helps ecommerce companies to weed out fake account creation and coupon abuse,delivery fraud, payment fraud etc. In terms of its fintech clients, Simility’s platform helps companies to address all types of online and mobile transaction fraud with the help of fraud patterns using data visualization features. The company claims on its website that its solution can identify transaction characteristics and behavior indicative of fraud, and can help merchants to avoid chargebacks and fraud losses.
The company had raised seed funding of $3.45 million from Accel Partners in August, 2015. The seed funding was further closed at a total of $5.7 million with infusion $2.25 million from Trinity Ventures and angel investors in October 2015. In June last year, Simility secured additional funding of $1.5 million from The Valley Fund (TVF), along with Accel Partners and Trinity Ventures.