Signifyd Nets $7 Million in New Funding Round
July 16, 2015
Signifyd, an antifraud technology provider that guarantees merchants against costs associated with chargebacks, this week revealed it has raised $7 million in new financing. The company said the capital infusion, led by Allegis Capital with participation from Resolute Ventures, IA Ventures, QED Investors, Lucas Ventures and Tekton Ventures, will be used to expand its engineering, sales and marketing teams.
“The chargeback process for merchants is broken and is clearly ripe for innovation,” said Raj Ramanand, co-founder and CEO of Signifyd. “The Signifyd platform marries behavioral psychology with machine learning to interpret user purchasing patterns. It automates a process that takes customer service agents hours each day and puts a guarantee behind that automation.”
The Series A round brings the total funding for the San Jose, Calif.-based company to $11.2 million.