Fraud detection company 41st Parameter has raised $13 million in Series D financing from Georgian Partners, Kleiner Perkins Caufield and Byers (KPBC), Norwest Venture Partners (NVP) and Jafco Ventures. This brings 41st Parameter’s total funding to $38 million.
41st Parameter provides companies software, called FraudNet, for detecting and preventing fraud across a number of verticals, including finance, e-commerce, and travel. The company aims to protect against cybercrime threats including card not present fraud, new account origination fraud, phishing and account compromise, credit bust outs, and fraud ring attacks.
As cybercrime and online fraud has increased on the web, 41st Parameter has seen growth in usage of its product. The company says FraudNet is used by 75 percent of the world’s top banks, two-thirds of the world’s largest airlines,and more than 120 of the top global e-commerce brands.
41st Parameter, which saw 40 percent growth in revenue last year, also offers AdTruth, a patented device recognition technology for advertisers.
“As electronic and online payment methods continue their rapid growth, there is– and will continue to be – a critical need to identify and stop fraud in the global e-commerce, banking and travel industries,” said CEO Alan Naumann. “Coupled with the demand in the digital media space, we have a real opportunity to solve two critical business problems with our best-of-breed core technology.”
The new funding will be used to further fuel R&D as well as to support 41st Parameter’s expansion as it builds up its presence in Silicon Valley and grows its sales and customer operations