California-based artificial intelligence (AI) firm Deep Labs Inc. announced that it has secured $16 million in funding from a group of technology investors led by Gunnar Overstrom, Partner at Corsair Capital, Serendipity Capital and Gramercy Ventures.
Founded in 2016 by CEO Dr. Scott Edington, Deep Labs offers a suite of proprietary solutions for the authentication and authorization of transactions. The company is perhaps best known for its behavior analytics-based intelligence aimed at improving businesses’ ability to securely integrate their customers’ behavior into their operations, which can increase the accuracy of authentication and reduce susceptibility to cybercrime.
“We are pleased to welcome such a high-caliber group of investors as we expand Deep Labs, add new customers and partners around the world, and continue to hire the best and brightest engineers and professionals,” said Dr. Edington. “Our new investors have a true understanding of our business, our goals and our long-term strategy, and we look forward to benefiting from their unique expertise and experience,” he added.
The Deep Labs platform leverages AI allowing its clients to provide better customer experiences, simultaneously increasing revenue while reducing true fraud and maintaining acceptable risk levels. Early customers range from payment giants Visa and American Express to authentication company Clear and the U.S. Government.
“We built Deep Labs with the objective of moving the world of decisioning from a static, one dimensional process to a multi-dimensional one that uses the most modern computing and mathematical methods available,” said Dr. Edington.
He continued: “our innovative products represent a new way for businesses and their customers to understand how an actor’s behavior changes as it moves through time and space.”
Also included among Deep Labs’ partners are companies such as Mastercard, NICE Actimize, Booz Allen Hamilton, and General Dynamics Information Technology.
“Deep Labs is a critical partner for Mastercard, particularly as we focus on enabling hyper-personalized services for citizens around the world,” said Miguel Gamiño Jr., Executive Vice President for Global Cities at Mastercard. “By bringing together Deep Labs’ unique technology with our platforms, we are able to enhance our offering and provide greater access to city services, identification, disbursements and secure payment capabilities.”
As part of the investment, Overstrom and Robert Jesudason — a Founding Partner of Serendipity Capital — have now joined Deep Labs’ Board of Directors.
May 19, 2020 – by Tony Bitzionis