New Delhi Oct 10 (IANS) Gurugram-based artificial intelligence (AI) start-up ThirdWatch on Tuesday announced it has raised an undisclosed sum of funding from the Indian Angel Network (IAN) which marks IAN s first investment from their Rs 450 crore fund.
Launched in April 2016 by Co-Founder and CEO Adarsh Jain with Co-Founder and CTO Shashank Agarwal ThirdWatch is India s first AI-based start-up for real-time fraud detection and prevention.
The start-up s flagship product "Mitra" evaluates and flags every transaction in real-time as fraudulent or genuine on the basis of a Trust Score.
The Score is generated with the help of machine learning algorithms browsing behaviour analysis device fingerprinting location profiles and other evaluation parameters which determine every transactions authenticity.
E-commerce players and merchants can integrate the application with "Mitra" API which automatically blocks fraudsters at large scale the company said in a statement.
"We are privileged to be invested in by such an amazing group of investors. We believe this would provide a significant boost to our quest to build and introduce innovative technological advances using AI and Big Data Analytics in the retail and ecommerce industry in India " said Jain.
According to reports the Indian e-commerce industry is expected to jump from $30 billion in 2016 to $120 billion by 2020.
"Over the past few years we have seen e-commerce fraud grow both in scale and variety. I believe that ThirdWatch s proven AI technology and unique analytical model truly differentiates the company in a fast-growing global fraud prevention marketplace " added Rahul Agarwalla IAN s lead investor.
Established in 2006 the IAN is India s first and the world s largest business angel network with over 450 members across the world.
--IANS
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