Founder: Rahul Pangam, Uttam Phalnikar and Kedar Samant
Financing status: USD 17.5 M in Series-B funding round
California and Hyderabad-based fraud-prevention startup Simility has secured USD 17.5 million in a Series B round funding led by Accel Partners. Paypal, along with existing investors The Valley Fund and Trinity Ventures, also participated in the round. The startup will use the newly raised funds to expand its partner network, sales, partnerships, customer success, and data science teams. With prior rounds of funding resulting in approximately USD 7.5 million, Simility has raised a total of approximately USD 25 million.
Simility is an adaptive and comprehensive fraud-prevention software suite founded in 2014. Simility leverages machine learning, big data analytics, and data visualization capabilities to shield businesses from fraud and other digital security threats. The platform provides solutions for a range of clients including banks, payment processors, ecommerce, and marketplaces. Simility differs from other fraud prevention services in that its technologies are adaptive and self-optimizing, theoretically constantly evolving to keep clients’ businesses protected from the latest, emerging cyber threats.
Simility was founded in 2014 by Rahul Pangam, Uttam Phalnikar and Kedar Samant. Pangam holds an MBA from the University of Michigan and worked previously at Google in product quality operations then as director of trust and safety. Phalnikar is a graduate of Bharati Vidyapeeth University and worked previously as a technical lead and staff engineer at communication and collaboration solutions business Jive Software. Samant has a Masters from the University of Illinois at Chicago and has experience at Google as a product quality manager.
According to Pangam, “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud prevention and risk management solution that goes beyond legacy, static rule-based offerings to offer protection in a digital first, big data analytics-focused environment.”
(Top image from Pixabay.com)