In a move that highlights the growing importance of digital identity and fraud prevention, Darwinium has announced that it has raised $18 million in a Series A funding round led by U.S. venture partners (USVP). This brings the total amount of funding raised by the company to $28 million, following its $10 million seed round in late 2022.
A New Approach to Fraud Prevention
The co-founders of ThreatMetrix, Reed Taussig and Alisdair Faulkner, returned to the startup world with Darwinium in 2021. The company’s platform focuses on protecting fintech, e-commerce, financial services, gaming, and gambling services at their digital perimeter without putting too much burden on users.
Why Traditional Methods are Failing
Faulkner explained that fraud is becoming increasingly sophisticated, and traditional methods of prevention are failing to keep pace. "There’s a lot of companies — ThreatMetrix among them — that are doing an admirable job. But fraud still is getting worse despite all of these tools," he said.
The Self-Driving Car for Digital Security
Faulkner described Darwinium as "the self-driving car for digital security and fraud." The platform uses generative AI models to simulate attacks, allowing it to understand customer behaviors in a way that traditional bot detection tools cannot. This approach enables Darwinium to provide more tailored solutions to downstream tools and fraud teams.
Key Features of the Platform
Darwinium’s platform has several key features that set it apart from other fraud prevention solutions:
- Generative AI models: These models are used to simulate attacks, allowing the platform to understand customer behaviors in a way that traditional bot detection tools cannot.
- Behavioral context: The platform collects more signals at the perimeter, long before a customer (or bot) enters a credit card number. This allows it to understand the behavioral context of a user journey and take more tailored action.
- Perimeter placement: Darwinium places its service right at the perimeter, integrating with content delivery networks like Cloudflare and AWS CloudFront.
- Third-party integrations: The platform also integrates with other third-party tools to enrich its data.
A Game-Changer in the Market
Rick Lewis, general partner at USVP, has high praise for Darwinium. "The Darwinium team has built something truly unique," he said. "Darwinium offers a product that is both simple to deploy and effective at reducing fraud losses and reputational damage associated with the ever-more complex web of digital fraud."
Investors in the Series A Round
The Series A round was led by USVP, with participation from existing investors Blackbird and Airtree. The funding will be used to further develop the platform and expand its reach.
Conclusion
Darwinium’s approach to fraud prevention is a game-changer in the market. By using generative AI models to simulate attacks and understand customer behaviors, the platform provides more tailored solutions to downstream tools and fraud teams. With $18 million in new funding, Darwinium is poised to take on the growing problem of digital fraud.
Press Release
FOR IMMEDIATE RELEASE:
Darwinium Raises $18 Million in Series A Funding to Revolutionize Digital Fraud Prevention
[City, State] – Darwinium, a leading provider of digital identity and fraud prevention solutions, today announced that it has raised $18 million in a Series A funding round led by U.S. venture partners (USVP). This brings the total amount of funding raised by the company to $28 million, following its $10 million seed round in late 2022.
"We are thrilled to have USVP on board as we continue to disrupt the digital identity and fraud prevention market," said Reed Taussig, co-founder and CEO of Darwinium. "This new investment will enable us to further develop our platform and expand our reach to more customers."
About Darwinium
Darwinium is a leading provider of digital identity and fraud prevention solutions. The company’s platform uses generative AI models to simulate attacks and understand customer behaviors, providing more tailored solutions to downstream tools and fraud teams.
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Related Stories
- ThreatMetrix Co-Founders Return with New Fraud Prevention Platform: In 2021, the co-founders of ThreatMetrix, Reed Taussig and Alisdair Faulkner, returned to the startup world with Darwinium.
- USVP Leads $10 Million Seed Round for Darwinium: In late 2022, Darwinium announced that it had raised $10 million in a seed round led by USVP.
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To stay up-to-date on the latest news and developments from Darwinium, please visit our website at www.darwinium.com.
