News

Simility Raises $5.7M Round from Accel, Trinity
Jayan Tharayil
October 23, 2015

PALO ALTO, Calif.–(BUSINESS WIRE)–Simility, a cloud-based fraud detection startup, today announced it has closed its $5.7 million seed round, including tier one investor Trinity Ventures along with angel investors — adding $2.25 million to the previously announced $3.45 million investment led by Accel Partners.

“Investing in Simility is an investment in preserving trust in e-commerce, and they’ve already made remarkable progress,” said Trinity Ventures general partner Fred Wang. “In just a year, Simility has hired a team of data science, engineering and operations professionals, opened new offices, and deployed its private beta fraud detection offering in online marketplaces that serve millions of people worldwide.”

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Simility’s adaptive fraud detection software and services combine machine learning with human analysis to spot and stop fraud in online marketplaces. The Simility SaaS platform is highly customizable and provides data visualization capabilities to help fraud managers quickly and accurately root out fraudsters while protecting customers.

“We started Simility because online fraud was increasing in sophistication and volume, yet fraud detection technology was not keeping up,” said Rahul Pangam, CEO of Simility. “Fraud managers can benefit from machine learning that spots patterns in evolving fraudulent behavior not immediately obvious or intuitive to the naked eye. At the same time, human experience and intuition are essential to the successful application of technology to protect people from fraud.”

In closed beta, Simility has already caught thousands of fraudsters. Beta customers see an immediate uptick of 50-200% in prevented fraudulent transactions per week, while decreasing false positives and saving operational costs.

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