Deep Algorithm Solutions, a cybersecurity and AI startup focused on fraud detection in digital financial systems, has raised Rs 10.8 crore, approximately 1.25 million dollars, in a seed funding round. The investment was led by Unicorn India Ventures with additional support from angel investors.
The Mumbai-based company plans to use the fresh capital to grow its engineering and threat intelligence teams, strengthen its go-to-market efforts in India and Southeast Asia, and enhance platform integration with systems such as Azure AD and Okta.
Founded in 2021, Deep Algorithm follows a business to business model and provides enterprise security tools like adapIDAI, an adaptive behavioral identity engine, and BotShield, which is built to defend against zero-day attacks, prevent distributed denial of service attacks, and protect applications at runtime.
Deep Algorithm delivers real-time fraud analytics and continuous user authentication, with a specific focus on the banking, financial services and insurance sector, along with other high-risk digital environments.
Deep Algorithm has already completed live deployments of its products with a leading private bank, a government institution, and a private hospital. The company also holds a government-approved patent and has filed for an international patent as well.
The startup Deep Algorithm is now expanding its presence in major financial centers like Mumbai and Bengaluru and is exploring new partnerships in Kenya, South Africa and the United Arab Emirates. Additionally, the company is developing a software as a service model and advanced analytics dashboards for mid-market enterprises and risk management teams.
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