12 December 2017, India:
Fraud and risk prevention solution provider startup Simility has raised ₹113 crore ($17.5 million) in Series B Funding round. Accel Partners led this round. Existing investors The Valley Fund and Trinity Ventures along with the new strategic investor PayPal also participated in the round.
CEO of Simility, Rahul Pangam said, “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud and risk management solution that goes beyond legacy, static rule-based offerings to offer protection in a digital first, big data analytics-focused environment.”
Simility will use the funding to strengthen its technology and to expand its partner network, sales, partnerships, customer success and data science teams. Currently, the company has offices in Palo Alto, CA and Hyderabad.
Pangam said, “This latest funding round will enable us to enter our next phase of growth by bolstering our team in sales, customer success and data science to meet market demand. We are announcing immediate plans to expand sales operations in the US, Brazil and Europe; expand European data science teams; and grow its global partnerships in Europe and India.”
Ryan Sweeney, partner at Accel said, “Enterprise fraud has grown dramatically over the past decade and can cost organisations millions of dollars in loss annually. We invested in Simility because of its leadership team and its adaptive fraud prevention platform which combines the power of data, machine learning, and people to protect organisations against the growing and costly threat of fraud”.
Simility was launched by Rahul Pangam, Uttam Phalnikar and Kedar Samant in 2014. It is a cloud platform which uses machine learning and human analysis to detect risks and fraud in an organisation. Currently, it provides services to clients in segments like e-commerce, fintech and banking.
The company helps the analysts by enabling them to create and configure detection mechanisms without writing a single line of code. This levels the playing field against even the most sophisticated fraud ring. The core technologies behind Simility are a mix of open-source and purpose-built proprietary code.
(Image – Simility)