Chicago-area cybersecurity specialist Rippleshot has raised $1.2 million in new funding. The investment round was led by KGC Capital and featured participation from UMB Bank; Wintrust; and SixThirty, the fintech accelerator based out of St. Louis.
Rippleshot says the new financing will help grow its team from eight to more than 30 in 2016. Developers, account managers, and sales staff are among the kinds of talent the company is looking for.
Rippleshot Chief Scientist Randal Cox, co-founder, demonstrated the Rippleshot platform at FinovateFall 2014.
The company also announced that the co-founder of PerkStreet Financial, Jason Henrichs, will be joining the Rippleshot board of directors. Henrichs was also an early investor in anti-fraud analytics firm, Memento.
Rippleshot leverages big-data analytics and machine learning to detect and track down bankcard data-breaches. The company’s cloud-based technology focuses on the merchant side rather than the customer side, analyzing millions of daily credit card transactions for suspicious patterns. This approach provides a granular level of detail, enabling investigators to zero in on the specific stores, specific days, and even the specific POS terminals from which data has been stolen.
Founded in June 2013 and headquartered in Chicago, Rippleshot demonstrated its platform at FinovateFall 2014. In November 2015, Rippleshot joined the fall cohort of the SixThirty accelerator program; in August, was a finalist in the BBVA Open Talent Competition; and this spring, earned a finalist spot in the MRC METAwards along with fellow Finovate alum, BioCatch. Canh Tran is CEO.