US-based Deep Labs, a company that leverages artificial intelligence (AI) to develop “persona-based” risk assessment solutions, has reportedly managed to secure $16 million in commitments from several Fintech investors.
Gunnar Overstrom, partner at Corsair Capital, Gramercy Ventures, and Serendipity Capital led the firm’s funding round.
Deep Labs was established in 2016 by Scott Edington, the former head at Visa Labs. It uses persona-based intelligence for authenticating and authorizing users to perform transactions.
The firm’s proprietary technology generates dynamic adaptive risk and propensity profiles for consumers. Deep Labs’ software checks whether a user’s behavior is “normal” or unusual, and how behavior might change as it “moves through space and time.”
The company’s software can detect how consumers may use their electronic devices differently depending on whether it’s morning or night time. Deep Labs’ technology can also identify changes in users’ behavior when the weather changes.
The firm’s software assists customers with dealing with issues such as potential account takeover, anti-money laundering, false declines, marketing decisioning, and combating identity fraud.
Deep Labs’s clients reportedly include American Express and Visa. It also works with Mastercard as a partner.
Edington noted:
“We built Deep Labs with the objective of moving the world of decisioning from a static, one dimensional process to a multi-dimensional one that uses the most modern computing and mathematical methods available.”
On May 14, 2020, the company revealed that it was chosen by Goldman Sachs (NYSE:GS) to take part in the first Launch With GS Black and Latinx Entrepreneur Cohort.
As mentioned in the announcement:
“This eight-week virtual experience will provide high-touch access and resources to a select group of U.S.-based Black and Latinx founders to fast-track their companies’ growth and build relationships with investors and industry experts.”
Edington will be taking part in virtual 1-on-1 and industry-specific workshops with Goldman Sachs professionals. He will also hold meetings with startup professionals and discuss issues such as legal considerations, cap table structure, marketing and branding.