LOS ALTOS, Calif., Nov. 5, 2019 /PRNewswire/ -- RedMarlin, a deep learning-powered fraud prevention company protecting the world's leading brands from counterfeit activity, has secured $10M in Series A funding led by Thomvest Ventures and Crosslink Capital. The funding will be used to grow engineering and sales teams while also furthering the development of a go-to-market strategy that reaches new customers and industries critically in need of fraud protection.
The counterfeit market space is one of the largest and most underserved areas affecting brands today. In 2018 alone, the global economy lost more than $300 billion to online counterfeit goods, with online marketplaces serving as the most trafficked platform (39%).
To combat this growing challenge, Abhishek Dubey and Shashi Prakash co-founded RedMarlin to provide a comprehensive platform to help brands defend themselves from online scams and account takeovers. Utilizing deep learning and computer vision, the company both provides real-time monitoring and automates detection and immediate takedown of fraudulent sites and products. The RedMarlin platform paves the way for a new, proactive approach to fraud detection and prevention.
"We are thrilled to be a lead investor in RedMarlin. The company is led by amazing co-founders and attacking a major customer pain point in a massive fraud detection market with a differentiated platform," said Umesh Padval, Venture Partner at Thomvest Ventures. "Their automated platform — built on a foundation of computer vision and deep learning — enables high fidelity, real-time detection and remediation of fraud, which currently serves as a significant loss of revenue for major brands globally."
"The deep experience of the RedMarlin team has helped them gain evangelical praise from early customers," stated Matt Bigge, Partner at Crosslink Capital. "More so, the automation capabilities they've built, which solve critical customer challenges both in resources and productivity, have already proven to exceed anything available in this huge and underserved market."
RedMarlin, which has experienced tenfold revenue growth since last year, also received funding from Cyber Mentor Fund, Nexxus Venture Partners, and Rain Capital.
In addition to helping the world's top brands increase business revenues, RedMarlin also offers ways for organizations and individual stakeholders to proactively protect themselves from fraudulent activity online. Their newest release — CheckPhish.ai — is a free, open-source community tool tailored to security researchers and incident responders who are seeking real-time detection on fraudulent links.
"In today's digital marketplace, phishing and fraud are tantamount security issues to brands. By providing an effective, accurate, and robust automated system, we are already helping companies in the finance, travel, transport, social media, and SaaS sectors grow more confidently, and have a robust strategy in place to continue fueling growth into new sectors," says Dubey, RedMarlin co-founder and CEO.
"Our automated fraud detection platform is here to provide brands a safer online experience," says Prakash, RedMarlin co-founder and chief scientist. "This will allow companies to grow and increase revenue as their time and resources can be better allocated to developing and scaling their core business."
RedMarlin's platform easily integrates into existing systems, is built to efficiently scale-up, and detects multiple types of fraud — including counterfeit websites, fraudulent products, emails, and social media — utilizing precision accuracy. With $10M in Series A funding, RedMarlin is expanding rapidly to provide critical brand and fraud protection capabilities to dozens of industries including retail, healthcare, pharma, cryptocurrency and more.
RedMarlin was founded in 2017 and is based in Los Altos, California. For more information about the company, please visit https://www.redmarlin.ai/.
RedMarlin is a deep learning-powered fraud prevention platform protecting the world's leading brands from counterfeit activity. RedMarlin provides a comprehensive platform to defend brands from online scams and account takeovers, allowing organizations across various industries and sectors to increase business revenues as well as customer loyalty and trust. By utilizing artificial intelligence to automate tasks and increase productivity, RedMarlin has introduced an unprecedented, proactive approach to brand protection. Encouraging organizations to also check and detect potential fraudulent websites and phishing scams, the company created CheckPhish.ai, a free, open-source community tool. RedMarlin's team has more than 40 years of combined cybersecurity experience from industry-leading companies including Cisco, Symantec, and McAfee. Founded in 2017 and based in Los Altos, California, RedMarlin has raised $10M in Series A funding led by Thomvest Ventures and Crosslink Capital. For information about RedMarlin, please visit https://www.redmarlin.ai/.
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