Allure Security announced
the close of its $6.8 million seed funding round. Gutbrain Ventures led the
round, joined by new Allure Security investors PBJ Capital, and Impellent Ventures,
and existing investors Glasswing Ventures, Zetta Venture Partners, and Portage
Partners.
The investment
comes amidst surging online fraud ($56 billion in identity
theft and $20 billion in online
payment fraud
losses)- increasing demand for Allure Security's technology. The company will
use the capital to accelerate go-to-market activities, grow its team, and
continue product innovations.
Originally
funded by the US Department of Defense, Allure Security's investors have
decades of experience funding numerous companies in fraud detection and
prevention,
threat intelligence, and artificial intelligence (combined estimated market
size of $92.9 billion).
Allure
Security opens 2022 having achieved significant milestones:
- Increased go-to-market capacity
by growing the sales and marketing teams
- New offerings for
identifying fraudulent mobile apps and social media accounts
- Leadership team appointments
including Vice President of Sales Jason Gonzales (Tenable, Cylance, and
McAfee), Vice President of Operations Molly DeQuattro (Akamai and Harvard
University), and Field Chief Technology Officer Mark Trinidad (Trustwave,
Varonis, and McAfee)
"There's
a 76 billion-dollar digital fraud problem that legacy technology can't seem to
stop," said Josh Shaul, CEO of Allure Security. "Allure Security's AI-based
approach to targeting the scam source destroys criminals' business models -
something traditional approaches fail at."
Legacy
approaches to deceptive online content, such as domain monitoring, fail to identify 71% of
malicious websites. Instead, Allure Security takes the battle to the enemy's gate
with faster, more accurate detection and a unique method for neutralizing the
threat. The company's AI-powered engine outperforms traditional mechanisms and
other offerings in both speed and accuracy. Allure Security shortens a scam's
lifespan to reduce fraud losses, curtail brand damage, increase customer
satisfaction, and mitigate staff burnout.
Gutbrain Founder and
Managing Director Bob Davoli said, "Every second that a counterfeit website,
mobile app or social media account lives online, the victim brands and
consumers take a hit, losing significant time and money. I look forward to
working with Josh and the growing team to continue innovating to protect brands
and their customers and make digital commerce trustworthy and secure."