05 November 2019, India:
Deep learning-powered fraud prevention firm RedMarlin has raised $10 million in Series A round of funding. The funding round was led by Thomvest Ventures and Crosslink Capital.
The company will use the fresh capital to grow engineering and sales teams while also furthering the development of a go-to-market strategy that reaches new customers and industries critically in need of fraud protection.
Umesh Padval, Venture Partner at Thomvest Ventures, said, “We are thrilled to be a lead investor in RedMarlin. The company is led by amazing co-founders and attacking a major customer pain point in a massive fraud detection market with a differentiated platform.”
Umesh Padval, added, “Their automated platform — built on a foundation of computer vision and deep learning — enables high fidelity, real-time detection and remediation of fraud, which currently serves as a significant loss of revenue for major brands globally.”
Matt Bigge, Partner at Crosslink Capital, said, “The deep experience of the RedMarlin team has helped them gain evangelical praise from early customers. More so, the automation capabilities they’ve built, which solve critical customer challenges both in resources and productivity, have already proven to exceed anything available in this huge and underserved market.”
Abhishek Dubey, RedMarlin co-founder and CEO, said, “In today’s digital marketplace, phishing and fraud are tantamount security issues to brands. By providing an effective, accurate, and robust automated system, we are already helping companies in the finance, travel, transport, social media, and SaaS sectors grow more confidently, and have a robust strategy in place to continue fueling growth into new sectors.”
Sashi Prakash, Co-founder and Chief scientist, RedMarlin, said, “Our automated fraud detection platform is here to provide brands a safer online experience. This will allow companies to grow and increase revenue as their time and resources can be better allocated to developing and scaling their core business.”
RedMarlin was founded by Abhishek Dubey and Shashi Prakash. The company provide a comprehensive platform to help brands defend themselves from online scams and account takeovers. It provides real-time monitoring and automates detection and immediate takedown of fraudulent sites and products.
(Image – RedMarlin)