Pondera Solutions, a Sacramento, CA-based security software provider, completed its eight-figure Series A round of funding.
Backers included Serent Capital and Impact Venture Capital.
The company intends to use the funds for business expansion.
Led by CEO Jon Coss, Pondera provides a SaaS based security software platform which combines advanced predictive analytics and cloud computing to crack down on fraud, waste, and abuse within government programs.
The company’s core detection system, Fraud Detection as a Service (FDaaS), currently enables clients to detect and prevent hundreds of millions of dollars in improper payments in Medicaid, Unemployment Insurance, the Supplemental Nutrition Assistance Program (SNAP), and other large government programs.