California-based Pondera Solutions has completed an eight-figure Series A funding round, with contributions from Impact Venture Capital and Serent Capital.
The company uses prediction algorithms and cloud computing to help beat fraud, waste and abuse in government programs. Pondera’s Fraud detection service helps users detect and prevent improper payments in Medicaid, Unemployment Insurance, the Supplemental Assistance Program, among others.
Founded in 2011, the company’s solution works in detection, investigation and enforcement, helping governments to track these issues from beginning to end.
Pondera CEO Jon Coss said, “Pondera had three people and an idea when we started in the Impact accelerator program. After graduating from the program, creating a robust SaaS solution, and building a stellar management team, we now have tens of millions of revenues and are profitable.
“Impact’s innovation programs were truly a springboard for Pondera and positively changed our trajectory during the launch stage of the company. We learned valuable lessons from the Impact team on attracting talent, customers, and investors.”
Pondera was part of Impact Venture Capital’s accelerator platform in 2013.
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