Startup Spotlight: cybersecurity fraud prevention from NS8
Las Vegas-based NS8 offers a cybersecurity fraud prevention platform for enterprises.
Leveraging behavioural analytics alongside scoring technology that takes into account the type, quality and trustworthiness of transactions, NS8’s platform automates fraud management.
Frauds it protects against include order fraud, with the company’s algorithm using more than 170 different factors to assess trustworthiness, as well as advertising fraud, where bots simulate clicks or impressions.
Its solution, NS8 says, is appropriate across industries such as event ticketing, online merchants and ecommerce platforms.
Since its foundation in 2016, the company has raised some $157.9mn across seven funding rounds. Its latest Series A round saw the company raise $123mn from lead investors Lightspeed Venture Partners and AXA Venture Partners, alongside Sorensen Ventures and Edison Partners.
In a press release, the company’s CEO Adam Rogas said: “Thanks to this investment from Lightspeed, AXA Venture Partners, and our full backing group, we can continue to scale to meet the growing demand for fraud prevention technology in the global marketplace. This partnership positions NS8 to empower even more businesses with enterprise-level fraud defenses, regardless of size or industry.”
NS8 said it would use the funds to accelerate its global reach and grow its network of partners, with the company already experiencing 200% year-on-year revenue growth.
“Online fraud prevention has grown rapidly due to the acceleration of ecommerce adoption by merchants and, with it, an increased threat of those seeking to attack online stores. Merchants of all sizes need to invest in security products to ensure a safe and secure online experience,” said Bradley Twohig, Partner at Lightspeed Venture Partners. “NS8's platform allows its partners and their merchants to stand up a full-service fraud prevention hub, in a matter of a day, across almost every ecommerce platform. The time to value is simply best in class.”