October 20, 2023 at 11:24AM
Spec, a fraud detection and defense startup, has secured $15 million in a Series A funding round led by SignalFire. The San Jose-based company offers a no-code orchestration platform that protects online transactions from fraudulent attacks, including AI-powered ones, in real time. The funding will be used to enhance Spec’s platform, expand its threat labs, and collaborate with partners on specialized fraud prevention solutions.
Meeting Summary:
– Fraud detection and defense startup, Spec, has raised $15 million in a Series A funding round led by SignalFire, with additional funding from Legion Capital and Rally Ventures.
– Spec focuses on protecting online transactions from fraudulent attacks and offers a no-code orchestration platform that can prevent modern attacks, including those powered by AI.
– The platform scans user sessions, monitors activity, and responds to attacks in real time.
– Spec’s platform integrates with popular fraud, ecommerce, and customer experience applications, allowing for rapid deployment without additional code.
– The new funding will be used to advance the platform, expand threat labs, and collaborate with partners on specialized fraud prevention solutions.
– The company remains committed to serving enterprises in retail, ticketing, and marketplaces.
– Spec co-founder and CEO, Nate Kharrl, expressed enthusiasm about the funding and the company’s efforts to deliver robust security solutions.
Additional Information:
– CipherStash recently raised $3 million for encryption-in-use technology.
– Fraud prevention firm, Fingerprint, raised $33 million.
– Anonybit raised $3 million for their biometric authentication platform.
– Generative AI startup, Nexusflow, raised $10.6 million.