Cybersecurity firm Buguroo has announced an $11 million dollar Series A funding round that will help it to accelerate the development of its Deep Learning-based online fraud detection and prevention platforms, and allow it to focus on an expansion into the U.S. and U.K. markets, among others.
The funding for the Madrid-based Buguroo was led by Ten Eleven Ventures out of California, and Seaya Ventures, a Spanish firm that focuses on Spain and Latin America-based ventures. Existing investors Inveready Technology Investment Group and Conexo Ventures also participated.
Buguroo’s fraud detection and prevention technology currently supports over 50 million customers in Europe and Latin America, and with the new round of funding its team plan on expanding the company’s services into the U.S., U.K., France, and Germany.
The Series A round will also aid Buguroo in the acceleration of products like its ‘Fraudster Hunter’ platform, which identifies and tracks the behavioral patterns of fraudsters and their collaborators. Fraudster Hunter uses Deep Learning to spot fraudster patterns and scenarios, and discover victims before hey know they have been the subjects of fraud, allowing financial services companies to stay a step ahead of fraudulent activity.
Buguroo’s products collect thousands of parameters relating to the behavioural biometrics of customers – from mouse movement and keystrokes, to geolocation and malware records – to guard against an increasingly common attack known as synthetic fraud, where fake identities are set up by hackers during the onboarding phase.
The ability to stop fraudulent digital activity without disrupting user experience is a crucial benefit to financial services institutions across the world.
“With focused, regional investment in sales and marketing, we have proven the power of our solution,” said Pablo de la Riva, Founder and CEO of Buguroo. “We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection.”
Aris Xenofontos from Seaya Ventures commented, “We are very excited to have the opportunity to join Pablo and the team in their journey to help any kind of organisation prevent digital fraud and become the world’s largest database of fraudster digital identities. We are looking forward to supporting them using our experience with high-growth international businesses.”
(Originally posted on FindBiometrics)