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Cybersecurity Funding

Fraud Detection Startup Moonsense Raises $4.2 Million in Seed Funding

Fraud detection startup Moonsense has raised $4.2 million in a seed funding round co-led by Race Capital and XYZ Ventures.

Fraud detection startup Moonsense this week announced that it has raised $4.2 million in a seed funding round co-led by Race Capital and XYZ Ventures. Foothill Ventures, TheGP, and individual investors also invested in the company.

Founded in 2021, Moonsense provides software development kits (SDKs) that harvest and process user behavior and send it to customers. The SDKs support web, Android, and iOS applications.

In addition to the seed investment, the company announced the general availability of its platform, which provides organizations with contextual user behavioral data and network intelligence to help them fingerprint users’ online identities.

The Moonsense solution relies on artificial intelligence (AI) and machine learning (ML) to prevent advanced fraud schemes, including account takeover attacks (ATO) and account opening fraud using synthetic IDs.

According to Moonsense, the platform allows organizations to improve fraud detection and prevention capabilities with tailored risk scoring models, which enables them to customize fraud management.

“When humans interact with a site, they establish predictable patterns of behavior and this is what is referred to as digital body language,” Moonsense CEO and co-founder Andrei Savu said.

“These are all data points for validating legitimate users versus bots and bad actors. With Moonsense, businesses can more accurately detect fraudulent behavior this way without creating additional user friction,” Savu added.

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Related: Aadya Raises $5 Million for SMB-Focused Security Platform

Related: Secure Access Startup Emerges From Stealth With $6 Million in Funding

Related: Coro Raises $75 Million for Mid-Market Cybersecurity Platform

Related: Lockr Raises $2.5 Million for Identity and Data Protection Platform

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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