Simility raises Rs 113-crore in Accel-led Series B round
, ET Bureau|
Updated: Dec 12, 2017, 08.12 AM IST
BENGALURU: Simility, a provider of machine learning–powered adaptive fraud prevention solution, has secured $17.5 million (about Rs 112.6 crore) in Accel-led series-B funding to fuel its expansion plans.
PayPal also participated in the round as a new strategic investor along with existing investors The Valley Fund and Trinity Ventures.
Simility, which has offices in Palo Alto and Hyderabad, will use the funds to expand its partner network, sales, partnerships, customer success and data science teams. The current round raises the total funding the company has received to $25 million.
“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,” said Rahul Pangam, CEO, Simility. “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.”
The company, founded in 2014, provides cloud-based and on-premise fraud detection software solutions. The platform protects enterprise clients and SMBs from fraud and helps fraud analysts to adapt to fraudsters’ evolving tactics—without having to write a code.
“Enterprise fraud has grown dramatically over the past decade and can cost organisations millions of dollars in loss annually,” said Ryan Sweeney, partner at Accel. “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.”
PayPal also participated in the round as a new strategic investor along with existing investors The Valley Fund and Trinity Ventures.
Simility, which has offices in Palo Alto and Hyderabad, will use the funds to expand its partner network, sales, partnerships, customer success and data science teams. The current round raises the total funding the company has received to $25 million.
“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,” said Rahul Pangam, CEO, Simility. “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.”
The company, founded in 2014, provides cloud-based and on-premise fraud detection software solutions. The platform protects enterprise clients and SMBs from fraud and helps fraud analysts to adapt to fraudsters’ evolving tactics—without having to write a code.
“Enterprise fraud has grown dramatically over the past decade and can cost organisations millions of dollars in loss annually,” said Ryan Sweeney, partner at Accel. “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.”
