Fraud prevention startup ThirdWatch raises undisclosed amount for seed round
Founders: Adarsh Jain and Shashank Agarwal
Founded in: 2016
Financing status: Undisclosed amount for seed round in 2017
Gurgaon-based AI-driven real-time fraud detection startup ThirdWatch has raised an undisclosed amount in a seed funding round led by: Rahul Agarwalla of the Indian Angel Network; Keshav Sanghi, former managing director of Goldman Sachs India and founder of VentureWorks India; and financial advisory firm Batlivala & Karani Securities.
ThirdWatch was founded in 2016 by Adarsh Jain and Shashank Agarwal. Jain was previously CTO of rocQ Analytics, a mobile analytics company, as well as Ahoy Telecom, a data-driven ad and marketing tech company. Prior to that, he co-founded two startups, CricketWeekly.in and Mobile Nirvana Technologies. Agarwal previously worked as a technical lead at rocQ Analytics as well as a mobile solution team lead at Rockstand Digital, a test preparation marketplace for securing government jobs.
ThirdWatch is an AI-powered data technology startup which provides real-time automated fraud prevention solutions. It prevents fraud in e-commerce transactions by leveraging device fingerprinting, location profiles, among other parameters in an analysis with its proprietary machine learning algorithms. The startup claims that its product Mitra evaluates risky transactions in real time, preventing the instance of fraud and reducing fraud losses by 80%. Mitra supports both customized and standard application programming interface integration. It boasts software development kits for the open-source e-commerce platform Magento and other platforms that includes Java, Python, and/or PHP.
(Top photo from Pixabay)