Led by Resolute VC, and with participation from Andreessen Horowitz, Data Collective, IA Ventures, QED Investors, Tekton Ventures and other angel investors, Signifyd has raised $2 million in seed financing.
“E-commerce companies can’t waste time and resources cobbling together internal fraud solutions,” said Resolute VC’s Mike Hirshland. “The need for a comprehensive fraud prevention platform is apparent.”
And not just comprehensive fraud prevention, but standalone, as well. One of the distinguishing features of Signifyd is technology that is designed as a holistic solution of merchants who would rather not try and build, or even integrate, a security system on their own.
“(They) have to become an expert on device fingerprinting, IP geo-location, NAP Checks, BIN lookups, social spoofing …” said Signifyd CEO and co-founder Raj Ramanand. “With Signifyd, you get a one-stop solution, from automated scoring to manual review.”
Signifyd is in beta and that beta program continues to be a busy one. According to the company, Signifyd has helped improve manual transaction review times by 60%, and improved catch rates by 20%. Better chargeback detection and fewer declines have also been reported.
The new capital will help Signifyd grow its team of engineers and speed product development.
Signifyd is based in Palo Alto, California, and was founded in 2011. The company demoed its technology as part of the FinovateSpring 2013 show in San Francisco. See a video of Signifyd in action here.