The Singapore-based company CashShield has raised $5.5 million in its first funding round.Founded in 2008, the company specializes in fraud protec
The Singapore-based company CashShield has raised $5.5 million in its first funding round.
Founded in 2008, the company specializes in fraud protection solutions that are designed for optimization of online sales, according to Tech Crunch (techcrunch.com).
The company raised its first round of funding amounting to $5.5 million. The latter was reportedly led by GGV Capital, with participation from Nest co-founder Tony Fadell.
“Different from other solutions, CashShield’s algorithm trains itself in real time, functioning without the need for any data scientist or fraud analyst.”, as the company wrote on their website.
“With zero reliance on historical data, CashShield’s real time machine learning predicts and counters unknown cyber threats instantly, ensuring greater protection for you.”, as CashShield added.
Customers using the solution are charged for every transaction that has been sent for validation. In this way, the company is earning money per transaction and not per subscription.
“It’s the only company in the sector with a Wall Street-style, high-frequency trading approach to weighing fraud risk for companies, and it’s clear that their technology will be in demand by many industries.”, as Tony Fadell, Nest co-founder and one of the investors, told Tech Crunch.
“CashShield solves a problem that has international scalability. Any transaction – ecommerce, gaming, medical – is subject to fraud.”, as Jenny Lee, managing partner working for the main investor GGV Capital, stated in an interview with the online media.
The new funding is reportedly helping CashShield to expand to Sillicon Valley. It is to be seen how the funds will be used and whether the product will gain traction on the market.