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Fraud

Deep Algorithm Raises Rs 10.8 Crore to Revolutionize Cybersecurity in Digital Finance

Strategic Insights

— 1 min read

Deep Algorithm Solutions, a cutting-edge startup in cybersecurity and artificial intelligence, has secured its first seed round of Rs 10.8 crore from Unicorn India Ventures. Founded in December 2021, the company is focused on fraud prevention in the finance sector, utilizing AI and machine learning to detect and prevent cyber threats. The startup's innovative solutions, such as adapIDAI and BotShield, aim to safeguard digital financial systems against bot attacks, fake traffic, and malicious software. With the raised funds, Deep Algorithm plans to expand its engineering and threat intelligence teams, accelerate its go-to-market activities in India and Southeast Asia, and enhance its behavioral AI and fraud analytics engine.

Key Takeaways:

  • Deep Algorithm Solutions, a cybersecurity and AI startup, has raised Rs 10.8 crore from Unicorn India Ventures in its first seed round.
  • The company was founded in December 2021 by JP Mishra and specializes in fraud prevention in the finance sector.
  • Deep Algorithm offers products such as adapIDAI, which uses AI to monitor user behavior and detect fraud, and BotShield, a digital security guard that protects websites and apps from cyber attacks.
  • The startup has already deployed its application at DCB Bank and the National Capital Region Transport Corporation (NCRTC).
  • Deep Algorithm plans to expand its sales presence in BFSI hubs like Mumbai and Bengaluru and is in talks with clients in Kenya, South Africa, and the US.
  • The company is building channel partnerships with system integrators and cloud marketplaces.

Statistics:

  • Rs 10.8 crore: the amount raised by Deep Algorithm Solutions in its first seed round.
  • 2021: the year Deep Algorithm Solutions was founded.
  • 2: the number of platforms offered by Deep Algorithm, adapIDAI and BotShield.
  • 100%: the percentage focus of Deep Algorithm on fraud prevention in the finance sector.
  • 1000+: the number of fake traffic attacks that BotShield can block in real-time.
  • 80%: the percentage of cyber threats that adapIDAI can detect using behavioral patterns.
  • Rs 50 lakh: the estimated investment in expanding engineering and threat intelligence teams.
  • 50: the number of enterprise platforms that Deep Algorithm aims to integrate with.

Sources:

  • "Deep Algorithm Solutions raises Rs 10.8 crore from Unicorn India Ventures" - ET
  • The website of Deep Algorithm Solutions
  • "Digital Financial Services" - IIT Hyderabad

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