Simility Secures $17.5M in Latest Funding as Company Experiences Explosive Growth
Latest Funding Round Led By Accel with Participation from PayPal, Will Expand Global Operations to Meet Industry Demand for Enterprise Fraud Prevention Solution
PALO ALTO, Calif. – December 12, 2017 – Simility, provider of a machine learning–powered adaptive fraud prevention solution, today announced it has secured $17.5M in its latest funding round to keep pace with explosive company growth. Simility’s latest funding round was led by Accel. PayPal Inc. also participated in the round as a new strategic investor along with existing investors The Valley Fund, Trinity Ventures, and Array Ventures. The funding will accelerate global expansion of the company’s partner network, sales, partnerships, customer success, and data science teams. This brings Simility’s funding total to date to $25M.
“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. Simility is fulfilling that need with an innovative, game-changing, adaptive solution,” said Rahul Pangam, co-founder and CEO, Simility. “This latest funding round will enable us to enter our next phase of growth by bolstering our world-class team of industry veterans in sales, customer success and data science to meet market demand.”
Simility has seen impressive global adoption among enterprise customers in financial services, retail and payments, from the largest e-commerce platform in Africa to multiple global Fortune 500 financial services organizations, including top 50 banks in the United States. The company has done so despite lacking a palpable sales presence. Now, with its recent funding round, Simility has announced immediate plans to expand its sales operations in the United States, Brazil, and Europe; expand its European data science teams; and grow its global partnerships in Europe and India.
“Enterprise fraud has grown dramatically over the past decade and can cost organizations millions of dollars in loss annually,” said Ryan Sweeney, partner at Accel. “We invested in Simility because of the exceptional caliber of its leadership team and its pioneering adaptive fraud prevention platform that combines the power of data, machine learning, and people to protect organizations against the growing and costly threat of fraud.”
Founded in 2014, Simility helps companies prevent fraud and abuse in real time with machine learning, big data analytics and data visualization capabilities. The initial founding group came with 30+ years experience combined leading fraud detection efforts at Google. The company has since rounded out its world-class team with industry veterans from Fraud, Security, Risk Management at FICO, Experian, RSA, Cisco, ThreatMetrix, CipherCloud, and Whitehat Security.
For more information on Simility, please visit simility.com.
And to hear what Simility’s employees have to say about the funding round, see our blog post.
Simility provides a cloud-based and on-premise fraud detection software solution that combines the power of machine learning and human analysis. Simility’s highly scalable platform protects enterprise clients and SMBs from the most sophisticated types of fraud, and empowers fraud analysts to quickly adapt to fraudsters’ evolving tactics—without having to write code. Built “by fraud fighters for fraud fighters,” the founding team’s combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. Founded in 2014 and headquartered in Palo Alto, Calif., Simility is backed by Accel, Trinity Ventures, The Valley Fund, and Array Ventures. For more information, visit simility.com or follow @Simility.
Noe Sacoco for Simility
+1 408 340 8130
Chantelle Darby for Accel
Amanda Miller for PayPal
+1 408 219 0563
Shruti Gandhi for Array Ventures