Digital risk protection startup Bolster Inc. revealed today that it has raised $15 million in new funding to fuel company growth.
Cervin, Liberty Global Ventures and Cheyenne Ventures led the extended Series A round, with Thomvest Ventures and Crosslink Capital also participating. Including the new funding, Bolster has raised $32 million to date, according to data from Crunchbase.
Founded in 2017, Bolster offers a deep learning-powered fraud prevention platform designed to protect leading brands from fraud. The company’s Automated Digital Risk Platform detects, monitors and takes down online fraudsters across the web, social media, app stores and the shady corner of the internet known as the dark web.
Boslters’ platform starts with automated monitoring across domains, websites and app stores. Artificial intelligence-based out-of-the-box detection then identifies phishing, brand infringement, scams and typosquatters. The final step is automatic triage and remediation, neutralizing threats without human intervention.
The platform scans more than 2 million URLs daily, with more than 3,000 top-level domains monitored. Phishing detection verdicts are delivered at under 100 milliseconds with a one-in-100,000 false-positive rate. The average time to takedown is two minutes, with 95% of threats detected not needing manual intervention.
Bolster said it has seen strong growth, with a 200% increase in new customers over the last year, off an undisclosed base, including new clients with significant customer bases. Notable clients include Dropbox Inc., Uber Technology Inc. and Booking Holdings Inc.
“As the digital ecosystem expands at an accelerated rate, the modern company’s public attack surface is more vulnerable than ever,” Abhishek Dubey, co-founder and chief executive officer of Bolster, said in a statement. “The same touch points used to connect with customers are being exploited by attackers to phish employees, steal private data and destroy customer trust.”
Dubey added that scaling up security is an ongoing problem that keeps companies from being able to protect their brand, customers and employees. “It’s critical that companies adopt automation to detect and take down fraudulent sites and content so they can scale to fight this problem,” Dubey noted.
Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.