Sequoia China has led a US$40 million series C round in Mountain View-based artificial intelligence-powered fraud detection solution provider DataVisor, according to an announcement.
Existing investors New Enterprise Associates and GSR Ventures also participated in the round.
Founded in 2013 by former Microsoft senior researchers Yinglian Xie and Fang Yu, DataVisor is a fraud detection solution provider utilizing machine learning to identify fraudulent transactions, spam and abuse, identity theft, application fraud, insider abuse and money laundering.
“Online fraud is on the rise in China and globally and many enterprises are investing in advanced artificial intelligence (AI) solutions to tackle the threat. DataVisor’s platform delivers best-in-class technology,” said Neil Shen, founding and managing partner of Sequoia China.
DataVisor claims to have protected more than two billion users globally, including Pinterest, Yelp, Alibaba Group, Dianping, Toutiao, Cheetah Mobile and Tokopedia.
With this new round of financing, DataVisor will expand its global footprint in the fraud detection and prevention market, which is estimated to reach US$41.6 billion by year 2022 according to research firm MarketsandMarkets.
Founders Xie and Yu are from China. Xie studied computer science at Peking University and did her doctorate degree in computer science at Carnegie Mellon University. After graduating from Fudan University, Yu obtained her doctorate degree in computer science at University of California, Berkeley.
Source: China Money Network