buguroo raises $11 mn to boost fraud protection product development

Pablo de la Riva, Founder and CEO of buguroo

Spanish cybersecurity firm buguroo has raised $11 million in a Series A round led by venture capital firm Ten Eleven Ventures and Seaya Ventures with the participation of existing investors such as Inveready Technology Investment Group and Conexo Ventures. The new funding is expected to assist the FinTech in expanding the reach of its Deep learning-based online fraud detection and prevention technology.

The company is also expected to expand its sales and marketing efforts in geographies including the US, UK, France and Germany.

“With focused, regional investment in sales and marketing, we have proven the power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, Founder and CEO of buguroo.

The supplier states that the fresh inflow of funds will be utilised for the development of new products including the anti-fraud solution “Fraudster Hunter”, which aims to identify and track the behavioural patterns of fraudsters and their collaborators.

Ten Eleven Ventures Managing Partner Alex Doll commented, “Ten Eleven Ventures is pleased to back another exciting new team using artificial intelligence to transform cybersecurity. Pablo and the buguroo team are talented innovators who have found a unique way to use AI to reduce online fraud. We look forward to helping them build a global cybersecurity company.”

Founded in 2010 in Madrid, buguroo’s technology aims to protect financial services customers from all known fraud use cases, including the increasing problem of synthetic fraud, when hackers set up new accounts using fake identities in the onboarding phase. It collects parameters related to the customer’s behavioural biometrics and environment, including smartphone and mouse movements, keystrokes, device profiling, and geolocation and malware records.

Aris Xenofontos from Seaya Ventures commented, “We are very excited to have the opportunity to join Pablo and the team in their journey to help any kind of organisation prevent digital fraud and become the world’s largest database of fraudster digital identities. We are looking forward to supporting them using our experience with high-growth international businesses.”

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