Sift Science, a San Francisco, California-based provider of real-time machine learning fraud prevention solutions for online businesses, raised $30M in Series C funding round.
The round was led by Insight Venture Partners with participation from existing investors Union Square Ventures and Spark Capital.
The company, which has raised $54M in total funding, intends to use the funds to expand sales, marketing, and engineering teams, increase product capabilities and expand their offering to new types of fraud.
Launched in 2011 by CEO Jason Tan, Sift Science provides real-time machine learning fraud prevention solutions for online businesses across the globe. Its machine learning software automatically learns and detects fraudulent behavioral patterns, alerting businesses before they or their customers are defrauded. Beyond this, the company has also launched a new set of products designed to detect and mitigate additional types of fraud and abuse, including:
– Account abuse: Keeping bad actors with malicious intentions from creating fake accounts
– Content abuse: Preventing scammers and spammers from posting fraudulent listings, messages, and other content
– Promo abuse: Stopping users from manipulating online coupons and rewards programs
The company serves such customers as retail, financial services, travel and ticketing companies, online marketplaces, on-demand services etc. The list includes Twitter, Airbnb, Yelp, Twilio, Jet.com, Indeed, Zillow and Wayfair.