Simility, a machine learning based startup that provides adaptive fraud prevention solutions, has secured its new Series B round of funding, led by venture capital firm Accel Partners.
In the current round, the company has raised around ₹112.6 crore ($17.5 million). Along with Accel Partners, global payments giant PayPal has also invested in the startup. Other investors who participated in this round include existing investors The Valley Fund and Trinity Ventures.
The funding will be used by the company to fuel its expansion plans. The company will use the funds to expand its partner network, sales, partnerships, customer success and data science teams. fuel its expansion plans. The company will use the funds to expand its partner network, sales, partnerships, customer success and data science teams.
Commenting on this funding round, Rahul Pangam, CEO of Simility, 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. 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.
Ryan Sweeney, a partner at Accel Partners, which led this funding round, 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.
The startup, which was founded in 2014, provides cloud-based and on-premise fraud detection software solutions. It protects enterprise clients and SMBs from fraud and helps fraud analysts to adapt to fraudsters’ evolving tactics, without having to write a code.
With this new funding round, the total amount of funding raised by the company so far stands at about $25 million. Prior to this, the startup, which has offices in Palo Alto and Hyderabad, had raised three funding rounds — one in 2016 and two in 2015.