- RedMarlin, a deep learning powered fraud prevention company protecting brands from counterfeit activity, announced it raised $10 million in Series A funding
RedMarlin — a deep learning-powered fraud prevention company protecting brands from counterfeit activity — announced it raised $10 million in Series A funding led by Thomvest Ventures and Crosslink Capital. This round of funding will be used for growing the engineering and sales teams while also furthering the development of a go-to-market strategy that reaches new customers and industries in need of fraud protection.
The counterfeit market space is considered one of the largest and most underserved areas affecting brands today. Last year, the global economy lost over $300 billion to online counterfeit goods with online marketplaces serving as the most trafficked platform (39%).
In order to fight this growing problem, Abhishek Dubey and Shashi Prakash launched RedMarlin to provide a comprehensive platform to help brands defend themselves from online scams and account takeovers. And by utilizing deep learning and computer vision, RedMarlin provides real-time monitoring and automates detection and immediate takedown of fraudulent sites and products. Plus 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,” added 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.”
Along with helping some of the largest brands in the world increase business revenues, RedMarlin also offers ways for organizations and individual stakeholders to proactively protect themselves from fraudulent activity online. And the company’s CheckPhish.ai product is a free and open-source community tool tailored to security researchers and incident responders who are seeking real-time detection on fraudulent links.
“The deep experience of the RedMarlin team has helped them gain evangelical praise from early customers,” explained 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’s platform easily integrates with existing systems. And it is built to efficiently scale-up and it detects multiple types of fraud, including counterfeit websites, fraudulent products, emails, and social media.
“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,” commented Dubey.
RedMarlin experienced tenfold revenue growth since last year. And the company’s investors include Cyber Mentor Fund, Nexxus Venture Partners, and Rain Capital.
“Our automated fraud detection platform is here to provide brands a safer online experience,” noted 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.”
With the $10 million funding round, RedMarlin is expanding rapidly to provide critical brand and fraud protection capabilities to dozens of industries including retail, healthcare, pharma, cryptocurrency and more.
