Simility, a Palo Alto, CA-based provider of a machine learning–powered adaptive fraud prevention solution, secured $17.5M in funding.
The round, which brings funding total to date to $25m, was led by Accel, with participation from PayPal, The Valley Fund and Trinity Ventures.
The company intends to use the funds to accelerate global expansion of its partner network, sales, partnerships, customer success, and data science teams.
Founded in 2014 by Rahul Pangam, CEO, Simility provides companies with cloud-based and on-premise fraud detection software solution to prevent fraud and abuse in real time via machine learning, big data analytics and data visualization capabilities.
The company serves enterprise customers in financial services, retail and payments, from a large e-commerce platform in Africa to global Fortune 500 financial services organizations, including top 50 banks in the United States.