PALO ALTO, Calif. -- October 22, 2015 -- Simility, a cloud-based fraud detection startup, today announced it has closed its $5.7 million seed round, including tier one investor Trinity Ventures along with angel investors -- adding $2.25 million to the previously announced $3.45 million investment led by Accel Partners.
“Investing in Simility is an investment in preserving trust in e-commerce, and they’ve already made remarkable progress,” said Trinity Ventures general partner Fred Wang. “In just a year, Simility has hired a team of data science, engineering and operations professionals, opened new offices, and deployed its private beta fraud detection offering in online marketplaces that serve millions of people worldwide.”
Simility’s adaptive fraud detection software and services combine machine learning with human analysis to spot and stop fraud in online marketplaces. The Simility SaaS platform is highly customizable and provides data visualization capabilities to help fraud managers quickly and accurately root out fraudsters while protecting customers.
“We started Simility because online fraud was increasing in sophistication and volume, yet fraud detection technology was not keeping up,” said Rahul Pangam, CEO of Simility. “Fraud managers can benefit from machine learning that spots patterns in evolving fraudulent behavior not immediately obvious or intuitive to the naked eye. At the same time, human experience and intuition are essential to the successful application of technology to protect people from fraud.”
In closed beta, Simility has already caught thousands of fraudsters. Beta customers see an immediate uptick of 50-200% in prevented fraudulent transactions per week, while decreasing false positives and saving operational costs.
To request a demo please visit: https://simility.com/request-demo/
Simility is a cloud-based fraud prevention software solution that combines the power of machine learning and human analysis. Simility’s highly scalable platform protects SMBs and enterprise clients from the most sophisticated types of fraud. It also empowers fraud analysts to quickly adapt to fraudsters’ evolving tactics – all without having to write code. Built “by fraud fighters for fraud fighters,” the founding team’s combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. Founded in 2014 with Headquarters in Palo Alto, Simility is backed by Accel Partners and Trinity Ventures. For more information, visit http://www.simility.com.
About Trinity Ventures
Trinity Ventures is a top-tier venture capital firm combining business insight, practical expertise and a personal touch to help start-ups win big. For over eleven funds, Trinity has helped passionate entrepreneurs with breakthrough ideas transform markets and lives. Trinity's investment team takes a collaborative approach and believes in personal engagement, mutual respect and goal alignment to deliver out-sized returns to entrepreneurs and investors. The firm invests in early stage technology companies with emphases on Cloud and Mobile Infrastructure, Software-as-a-Service, Digital Media, and Social and Mobile Commerce. For more information, visit www.trinityventures.com