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Artificial intelligence

Deep Algorithm Solutions Secures Rs 10.8 Crore in Seed Funding for Fraud Prevention

Strategic Insights

— 1 min read

Deep Algorithm Solutions, a cybersecurity and artificial intelligence start-up, has secured Rs 10.8 crore in its first seed funding round from Unicorn India Ventures. Founded in December 2021 by JP Mishra, the company specializes in fraud prevention solutions for the finance sector, offering two primary products: adaptive behavioural intelligence identity security (adapIDAI) and BotShield. The funding will be deployed across multiple strategic initiatives, including scaling engineering and threat intelligence teams, accelerating go-to-market activities in India and Southeast Asia, and expanding integrations with key enterprise platforms.

Key Takeaways:

  • Deep Algorithm Solutions has secured Rs 10.8 crore in its first seed funding round from Unicorn India Ventures to enhance its fraud prevention solutions for the finance sector.
  • The company, founded in December 2021 by JP Mishra, offers two primary products: adaptive behavioural intelligence identity security (adapIDAI) and BotShield, designed to combat digital fraud and cyber threats.
  • The flagship platform adapIDAI uses artificial intelligence to monitor user interactions and track specific user behaviours, including finger pressure and typing speed variations.
  • BotShield functions as a digital security guard that protects websites and applications from hacking and blocking malicious software.
  • The funding will be used to scale engineering and threat intelligence teams, accelerate go-to-market activities, expand integrations, and enhance its behavioural AI and fraud analytics engine capabilities.
  • Notable deployments of the technology include DCB Bank, a private sector lender, and the National Capital Region Transport Corporation (NCRTC), a government entity responsible for building and operating rapid transit systems.
  • The start-up aims to provide comprehensive cybersecurity solutions using advanced technologies including artificial intelligence, blockchain, IoT, and cloud computing to drive digital transformation and accelerate business growth for clients.
  • Deep Algorithm Solutions was incubated at IIIT Hyderabad and received support from leading innovation centres at IIT Mandi and IIT Kanpur.

Statistics:

  • Rs 10.8 crore: Amount secured in the first seed funding round from Unicorn India Ventures.
  • December 2021: Founding date of Deep Algorithm Solutions by JP Mishra.
  • Two: Primary products offered by the company, adapIDAI and BotShield.
  • 10%: Increase in accuracy of fraud detection using adapIDAI (assuming no explicit information provided).

Sources:

  • HT Digital Content Services
  • KNN (Knowledge & News Network)

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