Cloud-Based Fraud Prevention Startup Precognitive Raises $1.25M
Precognitive, a cloud-based fraud prevention startup that tracks potential fraud before it happens, has raised a $1.25 million seed round.
The startup, founded in January 2016, has built three core technologies that they view as the "pillars of modern fraud prevention," founder Sam Bouso told Chicago Inno over email.
Their technology analyzes multiple parts of a user's interaction with an online service to identify suspicious behavior before fraud happens. Through a device intelligence and tracking solution, a behavioral analytics solution, and a decision engine, their tech assesses devices and connections for risk when they connect to a website or mobile app, analyzes behavior and biometric signals that could indicate unusual user behavior and provides an "allow" or "reject" for events that pose a risk, such as login or purchase.
The seed round was led by Chicago's Corazon Capital, with participation from Boston's Flybridge Capital Partners, Hyde Park Ventures and Jeff Liesendahl, the cofounder and CEO of Accertify. Precognitive will use the new funds to hire for engineering and business roles.
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