Online businesses are bearing the consequences of automated cyberattacks and online fraud, and it’s a costly situation to be stuck in. Enterprises need a solution that puts them back in the driver’s seat and empowers them to fight fraud. While bots have become a common path to fraud, DataDome stopped over 250 billion online fraud attempts in 2022 in real time.
New York-headquartered AI-powered online fraud and bot management startup, DataDome, closed $42 million in funding. The investment round was led by InfraVia Growth which backed Packhelp and Foodles alongside participation from existing investors – Elephant, ISAI, and others.
With this round, the total funding raised by the company accounts for $82 million. The funding will help in supporting DataDome on its mission to rid the web of bot-driven cyberattacks and fraud. Also, it will support the global commercial rollout and R&D initiatives to make sure that our product keeps its highly regarded, award-winning competitive edge and stays ahead of fraudsters and bot developers, said Benjamin Fabre, the CEO and Co-founder of DataDome in an interaction with TFN.
“This cash infusion will fund global commercial rollout and R&D efforts to ensure that our offering maintains its award-winning competitive edge, and stays well ahead of bot developers and fraudsters,” added Fabre. “In InfraVia, we have an investor who trusts in and shares our vision, and brings years of valuable experience helping companies scale globally. Threat actors don’t stand a chance.”
“We were genuinely impressed by the sophistication of DataDome’s solution, as well as the company’s growth trajectory, especially in the US,” said Guillaume Santamaria, Partner at InfraVia. “DataDome perfectly embodies our commitment to growth technology companies, and we fully endorse the team’s vision of bot management as a foundation for fighting online fraud. We are very much looking forward to the next phase of DataDome’s evolution and global scale.”
Founded to eliminate bot-driven attacks
DataDome was founded in 2015 by Benjamin Fabre and Fabien Grenier, two long-time business partners and serial entrepreneurs with impressive track records in scalable web infrastructures, AI-powered data stream processing, SaaS technologies, digital strategy, and cybersecurity. The founders noticed that most were unable to detect and block even the simplest of bots, thereby exposing their vulnerabilities to fraudsters.
Currently, the team comprises 180 members from over 30 nationalities and the company has offices in North America, Europe, and Asia. DataDome partnered with Fireside, a European organisation working towards gender parity in the tech industry, as well as 50inTech, an organisation committed to fostering safe and inclusive workplaces for women.
Deploys AI to prevent and detect online fraud
DataDome’s bot and online fraud protection detects and mitigates attacks on mobile apps, websites, and APIs with accuracy and zero compromises. Its machine-learning solution analyses 3 trillion data points per day to adapt to new threats in real-time. It protects over 300 enterprises from account takeover, scraping, payment fraud, DDoS, credential stuffing, and more, and hundreds of high-profile brands worldwide, including Reddit, Patreon, and AngelList.
The post Fraud prevention AI startup DataDome bags $42M to stop bot-driven cyberattacks appeared first on Tech Funding News.