Nethone, an eCommerce fraud prevention solution specializing in the use of artificial intelligence to detect fraudulent orders, has closed a $1 million round of financing from Innovation Nest, the company said in a statement released to its corporate website.
The company has previously received funding from the EU National Center For Research and Development, was a participant in the prestigious ‘Plug & Play’ a Silicon Valley accelerator, and also recently signed a partnership with the ERIF Economic Information Bureau. However, this funding round from Innovation Nest is the first time the company has received funds from an outside investor.
“The constantly growing list of satisfied customers resulted in discussions with foreign partners and institutional investors,” said Huber Rachwalski, Nethone’s CEO. “We are gaining momentum and the funds from Innovation Nest will certainly help us grow even faster”.
Nethone already counts a number of high profile companies in their client portfolio including national airlines Azul and LOT, and financial giant ING Group.
Artificial Intelligence Ecommerce Solutions
Innovation Nest’s funding comes as Nethone continues to build its eCommerce fraud prevention platform around the idea of artificial intelligence. Piotr Wilam, an Innovation Nest Founder and Managing Partner, stated in the press release that AI is intriguing for investors right now. The reason for this is the technological innovations made today to prevent chargebacks could very well have additional uses in the future that aren’t even completely understood today.
“The threat of fraud in e-transactions is a huge problem for companies selling online. Nethone shows that artificial intelligence is a great technology for providing cybersecurity”, he said. “Not only does it prevent payment fraud with unprecedented efficiency, but it also gives insights for a better understanding of any online customer. Therefore, the Nethone Guard’s possible implementations are virtually unlimited”.
Wilam also pointed out that an idea is only as good as the team executing it. And Innovation Nest is confident that the pedigree and results Nethone already produced is an indication that they are a team worth investing in.
“Nethone owes its success to the team, which combines distinctive business competencies with extraordinary and deep technological knowledge. However, we’ve chosen Nethone because of what it has built so far and how it constructs its long term strategy”, he said.