Digital Goods Fraud Prevention Platform Nets $6.8 Million Funding Round

Digital Goods Fraud Prevention Platform Nets $6.8 Million Funding Round

June 17, 2021

An Israeli startup with an AI-based antifraud fraud solution designed specifically for digital goods merchants has secured a seed funding round of $6.8 million. nSure.ai said the cash infusion will be used to further develop its predictive AI technology and machine learning algorithms.

nSure.ai’s founders were moved to create the company after they found 40 percent of sales in their original business, a digital gift card site, were fraudulent and existing fraud-fighting technology was suited more for physical goods. They decided the fraud challenges endured by merchants selling digital goods including software, digital wallet transfers, international money transfers, event tickets, in-game purchases in video games and others needed an AI-based approach.

“Today’s industry benchmark declines approximately 15 to 20 percent of transactions,” said the company’s CEO, Alex Zeltcer. “With accurate proven AI and a deep industry understanding, nSure.ai’s 98 percent approval rate reflects a more accurate fraud-detection strategy, allowing retailers to recapture nearly $100 billion a year in revenue lost by declining legitimate customers.”

The round was led by DisruptiveAI, Phoenix Insurance, Kamet and Moneta Seeds.

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