Forter Secures $3 Million Series A Funding Round from Sequoia Capital
An Israeli security startup named Forter, provides online retailers with a real-time e-commerce fraud prevention services, raising over $3 million in Series A funding from the Menlo Park-based venture capital firm Sequoia Capital.
With the recent massive security breaches that has recently been circulating major retailers, which have included such place as Neiman Marcus and Target among plenty others. retailers both off and online have been scrambling a way to find more treatable and comprehensive security applications and processes to safeguard their customers credit and debit card accounts.
Michael Raitblat CEO and founder of Forter’s, originally became acquainted with the capability of behavioral data and cyber intelligence technology during his time as a intelligence officer for the Israeli Defense Force, before he had went on to start Fraud Sciences, a company that prevents frauds that had been acquired by PayPal back in 2008 for $169 million.
Forters Connect and play technology automates the review process by quickly analyzing a customers profile and behavioral data in real-time rather the having to rely on data provided by the customers, which is quite easy to falsify, to approve transactions.
“Forter’s technology, in Target’s instance, would have made it extremely hard for fraudsters to monetize this data in the online space,” Reitblat said in a statement.
Forter will also provides its clients with a 100% charge back guarantee.
“We believe Forter has great potential to become a big company,” Shmil Levy, a partner at Sequoia Capitol, said in a statement. “The company’s technology is innovative and the team is exceptional. There is no other technology in the e-commerce space that provides merchants with a solution that prevents their businesses from being hurt by fraud.”