TrackLight, an AI-based fraud detection and prevention company, announced the launch of a groundbreaking platform for combating fraud across government and corporate sectors. And the company also revealed a $3 million seed funding investment, led by BarronKent and Growth Factory, to accelerate TrackLight’s platform development, sales, and marketing efforts.
Founded by renowned fraud prevention experts Greg Loos and Linda Miller, TrackLight is prepared to disrupt the fraud detection and prevention industry. And TrackLight is the first modern fraud detection and prevention solution built to identify fraud before payments are issued.
TrackLight utilizes specialized AI models using machine learning designed by a team boasting a combined 150 years of subject matter expertise. Backed by a library of over 3,000 fraud schemes and capable of scanning billions of open-source intelligence records, TrackLight offers unparalleled insights and specific recommendations to safeguard government programs and corporations against fraud, waste, and abuse. TrackLight has run $1.1 billion of government awards through its system and initially found high probability fraud in 10.4% of payments.
And TrackLight has been operating in stealth mode for a year and their traction includes a cohort of beta customers actively reviewing the product outputs. And the company continued its rapid acceleration, hosting a launch event in May attended by nearly 100 government and private sector fraud experts. Plus, TrackLight has been accepted into NVIDIA’s Inception Program, receiving a $100,000 grant to test its cutting-edge AI models and opportunities to collaborate with NVIDIA experts.
TrackLight has made several key hires including Chief Data Scientist Erik Halvorson, Chief Revenue Officer Clint Eisenhower; Chief Product Officer Amanda D’Amico, Chief of Staff Kira Conte, and Chief Marketing Officer Heather Antoinetti.
KEY QUOTES:
“TrackLight is leading a major shift in the fraud detection and prevention industry. Their innovative use of AI to identify and address fraud before it happens is truly groundbreaking. We are excited to support TrackLight’s mission to bring unprecedented effectiveness and efficiency to this area. The momentum they’ve built and their potential to transform fraud prevention make them a standout in the market.”
– David Peregrine, Managing Director, BarronKent
“We are thrilled to invest in TrackLight, whose AI-driven approach is setting a new standard in fraud prevention. The impressive results they have demonstrated for customers highlights the significant impact they are poised to make in the private and public sectors.”
– Rick Spencer, Managing Partner, Growth Factory
“Over the course of my career, I’ve seen tens of billions in fraud discovered, but only a fraction of it recovered. As a taxpayer, this doesn’t sit well with me. I made a decision to come back to the fraud-fighting industry to deal with ‘unfinished business,’ applying new breakthroughs in AI technology to create a platform that meaningfully solves the fraud problem.”
– Greg Loos, CEO of TrackLight
“We are public servants, driven by our mission to protect taxpayer dollars from fraud while maintaining the quick delivery of needed government services. Our team’s deep understanding of the fraud landscape, combined with innovative AI technology, positions TrackLight as a game-changer in the industry.”
– Linda Miller, co-founder and Chief Growth Officer of TrackLight
