Fraud Detection Software Firm DataVisor Lands Tens of Millions of Dollars
The company has recently formed strategic partnerships with Google and PwC.
DataVisor (维择科技) has announced the completion of its Series C+ round of funding, led by Oceanwide Capital (泛海投资), securing tens of millions of dollars.
Existing investors of the company include Sequoia Capital(红杉资本), New Enterprise Associates (NEA, 恩颐投资) and Jinsha River Ventures (金沙江创投).
Founded in 2013, DataVisor – co-headquartered in Silicon Valley and Beijing – positioned itself as a fraud and financial crime detection service provider, leveraging its competencies in AI and machine learning.
Its client portfolio consists of a pile of Internet and financial juggernauts, such as Microsoft (MSFT: Nasdaq) and Experian PLC (EXPN: LON). In recent days – apart from closing a fresh round of financing – the AI-based fraud detection solution provider also officially formed strategic partnerships with Google (GOOGL: Nasdaq) and PricewaterhouseCoopers (PwC).
Leveraging the rich customer networks, channels and technical capabilities of these Key Accounts (KAs), DataVisor conducts strategic cooperation with them in the digital transformation of the Internet industry and traditional financials, to discover their specific needs in risk control.
Through incorporating the advanced technologies of AI, machine learning, cloud computing and Big Data, the company brings customized intelligent fraud and abuse detection solutions to these clients.
Meanwhile, DataVisor has been continuously exploring new growth opportunities in designing anti-fraud solutions to businesses operating in various areas other than the Internet and financials, such as social platforms, retail and e-commerce, as well as traveling businesses closely related to people’s everyday living.
Along with the internationalization process in these ‘lifestyle’ businesses, they are gradually becoming the new target for the fraud syndicates. Based on this fact, the demand for fraud detection services of enterprises in these fields is increasing gradually.
Compared to fraud in the Internet and financial industries, the fraudsters tend to spend more hours – to present themselves as regular users – in escaping the risk control rules when committing fraud on social communities, and are even willing to spend some funds to engage in real trading to hide their identity on e-commerce platforms.
Under this background, enterprises operating in these ‘lifestyle’ sectors are also seeking the usage of more advanced technologies to take the increasingly complex situation in fraud and abuse attacks –those that are new, unknown and rapidly changing – under control. This sheds light on the opportunities there for DataVisor.
The two co-founders of the company – Yinlian Xie, CEO; and Fang Yu, CTO – both have rich experience in the industry; they previously spent ten and eight years at Microsoft respectively, where they were both in charge of identifying various malicious traffic and fighting large-scale attacks with AI and Big Data technologies.