Guardian Analytics, a Los Altos, California based provider of fraud prevention solutions, today announced that it has raised $11 million in Series D funding. As part of the round, Split Rock Partners joins existing investors including Foundation Capital and Sutter Hill Ventures which made additional investments as part of the round. Guardian Analytics says it will use the funding to advance the company’s direct and channel sales efforts and to further enhance its product lines with expanded risk analytics and solutions to address the growing problem of fraud in financial institutions.
“Attempts to secure the end-point or lock the front door to online banking using multi-factor authentication have failed and cybercriminals are attacking institutions and their customers with impunity,” said Terry Austin, CEO of Guardian Analytics. “With reputations and relationships severely damaged, lawsuits filed, and potential new legislation and regulations advancing in Washington, financial institutions are moving faster than ever to adopt FraudMAP as a more advanced layer of security that will proactively stop the widest array of threats.”
In 2010, the company says it was able to expand its customer base by 150 percent, with 134 percent revenue growth in H2 over H1. In the past year, Guardian Analytics launched two major product innovations: FraudMAP for Business Banking, a solution purpose-built to identify anomalous behavior in the unique multi-user and transaction-intensive business banking environment; and FraudMAP Version 4, which introduced the company’s Software-as-a-Service (SaaS) and rapid deployment model, making advanced protection accessible to resource-constrained community banks and credit unions on 15 retail and business online banking platforms.
In conjunction with the new funding, Jim Simons, managing director at Split Rock Partners, joins the Board of Directors at Guardian Analytics.
