- Deduce — a leading provider of cybersecurity solutions powered by real-time customer identity — announced it has raised $7.3 million in funding
Deduce — a leading provider of cybersecurity solutions powered by real-time customer identity — announced the launch of the Deduce Identity Network (the largest dataset of mathematically shortened and“hashed” profiles designed to protect user accounts from online fraud) and $7.3 million in seed funding led by True Ventures with participation from Ridge Ventures and other angel investors.
The Deduce Identity Network draws data from over 150,000 diverse and security-minded partner websites and powers a suite of algorithms that generate an Identity Risk Index based on fraud-related behaviors. The world’s largest tech companies typically use advanced algorithms together with the vast amounts of data collected from users to spot potentially fraudulent behavior and notify account holders via familiar email and mobile alerts. And companies without access to these resources are often left to make do with less effective tools that leave their account holders vulnerable.
Deduce is known as the first company to bring together best practices in customer data and identity resolution with advanced cybersecurity technology routinely used by tech giants and make them practical and affordable to companies of nearly every size.
The losses from cybersecurity breaches recently reached $45 billion with user account attacks like credential stuffing cited as one of the fastest-growing threats, according to the Internet Society’s Online Trust Alliance. And in addition to operational losses, regulators around the world are leveling record fines against companies whose weak security resulted in consumer data thefts.
The Deduce Identity Network works within global data privacy rules, including GDPR and CCPA to maintain more than 200 million US profiles that provide a baseline for determining whether a user is who they claim to be at the point of online interaction. And Deduce uses advanced algorithms to correlate data from every web request, thus continuously improving the network and providing additional value across its user base in real-time.
KEY QUOTES:
“Cybersecurity is an issue that affects everyone in today’s economy and keeping the most powerful tools and strategies in the hands of a few high-powered companies is simply unfair. The Deduce Identity Network brings the best anti-fraud tools available to any size company to protect their customers’ accounts, reducing risk from fraud and potential regulatory fines, while boosting customer satisfaction and brand value.”
— Ari Jacoby, Deduce Co-Founder and CEO
“Deduce makes it far easier for enterprises to build better, and safer software applications for the end consumer. Ari and the Deduce team have deep expertise and have drawn on that experience with data networks to attack an even larger problem in account identity and security. We’re very proud to invest in them.”
— Adam D’Augelli, partner at True Ventures
