Signifyd, a San Jose, CA-based provider of fraud protection for e-commerce businesses, raised $7m in Series A round of financing.
The round was led by Allegis Capital with participation from Resolute Ventures, IA Ventures, QED Investors, Lucas Ventures and Tekton Ventures. In conjunction with the funding, Pete Bodine, managing director at Allegis Capital, will join Signifyd’s Board of Directors along with Tim Eades (CEO vArmour Networks, former CEO SilverTail Systems, a cutting-edge fraud protection company acquired by RSA in 2012).
The company, which has raised $11.2m since its founding, intends to use the cpaital to further accelerate growth and expand the engineering, sales and marketing teams.
Led by Raj Ramanand, Co-Founder & CEO, and Michael Liberty, Co-Founder & COO, Signifyd provides online businesses with a cloud platform to prevent payment fraud. It is used by multiple companies on the Fortune 1000 and Internet Retailer Top 500 list.