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Simility Employees Rejoice in New Funding Round

ROCKET FUEL: $17.5M funding round for Simility is great growth news!

Rahul Pangam, CEO and Co-Founder

Rahul Pangam
CEO and Co-Founder

Today we announced our latest funding round of $17.5M to keep pace with explosive company growth.

In a very short time, Simility has come to be recognized as a thought leader in fraud and risk management. Our customers, who span the spectrum from top fintech innovators to Global Fortune 500 institutions, have validated this view by partnering with us to solve extremely hard problems. Accel again led our funding round and PayPal, the best-known fraud management experts, came on board as a strategic investor. Other fraud and risk experts we’ve added to our team include Google, FICO, Cisco, Amazon, and RSA.

We’re excited about the road ahead now that we’re expanded our presence by putting local teams in Europe and LatAm, rounding out our North American and Asian presence. Our customers are all over the world, and we’re glad to now have teams close to every one of them. We also plan to significantly staff up our sales and data science teams.

We’ve got more to say about this great news, so check out the messages from our co-founders below, and see our blog post for comments from Simility employees. And Happy New Year!

Uttam Phalnikar, Chief Enterprise Architect and Co-Founder

 

Uttam Phalnikar
Chief Enterprise Architect and Co-Founder

Was it only five years ago that this adventure started? 2013 was full of changes for me. We moved to a house that needed remodeling, our second baby was on the way—and I left my job to help build Simility from a startup to a thriving company.

From drawing board to demoware to pilots and deployments, we’ve seen ups and downs, but we’ve endured thanks to a great product and awesome team. And with this new funding round, we’re poised to realize our dreams and vision even more fully. It’s been an amazing journey, and we’re not done yet! Looking forward to 2018.

 

Kedar Semant, CTO and Co-Founder

Kedar Samant
CTO and Co-Founder

Three people, a business plan, and a first-class product. That’s how Simility got started in making our customers safe, protected, and most of all, happy.

Everything follows from a great team, I’ve learned. This new funding round will empower Simility to grow our teams and scale up our operations so that more enterprises can better manage fraud and risk.

And we love that. I’m proud of Team Simility, and looking forward to what we can do next!

 

 

Ravi Sandepudi, Head of India Engineering

Ravi Sandepudi
Head of India Engineering

About Expansion in London…
Over the past few years London has been shaping up as a major center for cutting edge AI development and research and this is a wonderful opportunity for Simility to bring some of these brilliant minds on board. Data science is our bread and butter and there are endless exciting possibilities for how AI can shape the next generation of fraud detection.

Plus, who can give up a chance to sip tea and watch a five-day cricket test match at Lord’s? Okay, okay, for you impatient folks, London’s apparently got some good soccer (ahem football) teams too.

 

Paulo Moura, Head of Latin America Sales

Paulo Moura
Head of Latin America Sales

What a difference between the first round of funding and the second! Two years ago, we were just three people in a messy room, betting our careers and personal lives on this new company. Our goals were modest back then—I remember a founder telling me that the door was closed to hiring salespeople for Latin America. I said, “OK, close the door, but let me in first!”

My team has helped turn our visionary idea into leads among banking customers. This second round of funding means more to us than money; it’s also the touching realization that we’ve earned investors’ confidence in our viability as a company, not just a promising startup. Sure feels good!

 

Swastik Bihani, VP Product Management & Head of India Operations

Swastik Bihani
VP Product Management & Head of India Operations

They say too much growth is a good problem to have! Well it is :-). To keep pace with the growth we’re seeing in North America, South America, Europe and Asia – we’re expanding our employee base. From opening an office in Europe to doubling our office space in India – I’m looking forward to the funding round to help us hire across all roles – HR, Finance, Marketing, Sales, Engineering, Product Management, etc!”

 

 

 

Glenn Cobb, VP Customer Support

Glenn Cobb
VP Solution Engineering 

We are already expanding our customer base and marketshare at Mach 1, this additional funding will enable us to do with with more resources and focus more on specific verticals such as financial services. Supersonic growth here we come!!

 

 

 

 

 

Lynn Strand, VP Marketing

Lynn Strand

VP Marketing

Hearing that we were closing a funding round was exciting…but learning that Accel and PayPal were investing was truly amazing!

We’re at the right place, at the right time, with the perfect fraud prevention platform. It allows analysts to quickly adapt to fraudsters’ evolving tactics—without having to write code. How cool is that?! I’m honored to be part of this fantastic family of fraud fighters!

 

 

 

Mick Martin, VP Sales

Mick Martin
VP Sales

This round of funding led by one of our original investors Accel shows the confidence they have in the product and the team to execute. This will allow us to successfully implement our go to market plan and be a true disruptor in the fraud arena!! Let the fun begin!!

 

 

 

 

 

Ian Hess, Technical Account Manager

Ian Hess
Technical Account Manager

Only about 17% of startups make it to the Series B round of funding. At this stage, investors want to see that the company doesn’t have to make huge leaps to reach the next level; it should have a solid product, know the marketplace, and have a smart strategy. That’s Simility, and I’m really excited that we’ve got such a good foothold in several regions already. It’s time to grow!

 

 

 

 

Lynn Strand

Lynn Strand

Lynn is VP of Marketing at Simility. With over 20 years experience in the security industry—she has a deep understanding of fraud prevention, security technology, and SaaS solutions.
Lynn Strand