PALO ALTO, Calif.--(BUSINESS WIRE)--Today, Simility announced the closing of an additional $1.5 million in its first round of funding, bringing the total to $7.2 million. This additional investment was led by early-stage specialist, The Valley Fund (TVF), one of the first investors in the company along with Accel Partners and Trinity Ventures.
Simility also announced that the Simility Fraud Prevention Platform has launched globally and is processing millions of transactions a day for customers on four continents. The Simility Fraud Prevention Platform combines advanced machine learning and data visualization technology with a customizable rules engine that has reduced fraud for customers by 50-300%.
“Achieving general availability worldwide is allowing us to accelerate the growth of our business,” said Rahul Pangam, co-founder and CEO of Simility. “With the traction we’re getting in the marketplace, our investors and management team saw an opportunity to further exploit The Valley Fund’s early stage expertise, while also increasing funding in support of aggressive expansion of our team and customer-base.”
“Simility has been extraordinary in executing its vision of bringing to market a scalable, highly effective fraud prevention platform in less than six months from beta launch,” said Steve O’Hara, TVF’s General Partner and co-founder. “Our expertise in fueling the intelligent growth of early-stage innovators matches perfectly with Simility’s notable global-first, data-centric approach to disrupting the otherwise U.S.-centric and payments-focused fraud detection industry.”
In addition, Simility announced that Swastik Bihani joins its team as Vice President of Product Management. Swastik will focus on the growth of the company’s products as well as building partnerships. He will also be heading Simility's India operations in Hyderabad. Swastik has extensive enterprise security experience spanning email, web, DDoS, hacking and cloud encryption. He was most recently heading the flagship product at CipherCloud. Swastik is a graduate of U.C. Berkeley's Haas School of Business and holds degrees in Computer Science and Electrical Engineering.
Simility is a cloud-based fraud prevention software solution that combines the power of machine learning and human analysis. Simility’s highly scalable platform protects SMBs and enterprise clients from the most sophisticated types of fraud. It also empowers fraud analysts to quickly adapt to fraudsters’ evolving tactics – all without having to write code. Built “by fraud fighters for fraud fighters,” the founding team’s combined 27 years of fighting fraud at Google puts them in a uniquely qualified class of fraud detection and prevention experts. Founded in 2014 with offices in Palo Alto, CA and Hyderabad, India, Simility is backed by Accel Partners, Trinity Ventures and The Valley Fund. For more information, visit simility.com.
About The Valley Fund
The Valley Fund (TVF) is an early stage venture capital firm focused on enterprise, healthcare and consumer technology companies. TVF partners with the brightest entrepreneurs at the earliest stages of company creation to turn the most disruptive ideas into world-changing businesses. The Valley Fund was founded in 2014 and is based in Menlo Park, California. www.thevalleyfund.com