Startup which protects online businesses against bot-driven fraud DataDome secured a $35m Series B investment led by Elephant and included ISAI.
With the new funding, DataDome has raised about $39m to date. The new funding to allow it to scale up its global sales, delivery and research and development teams. To add on, after having observed a 47% increase of bot fraud attacks against digital businesses over the past six months, the firm also aims to boost its market reach further.
Founded in 2015, DataDome provides AI-powered real-time bot protection for websites, mobile apps & APIs. DataDome’s mission is to free the web from fraudulent traffic so that sensitive data remains safe and online platforms can perform at optimum speed.
The company’s technology compares every request to a website with an in-memory pattern database and decides in less than two milliseconds whether access to a page should be granted.
DataDome’s technology uses data from billions of requests daily to identify continually and prevent both familiar and zero-day or previously undiscovered threats. The service also protects against web scraping, account takeover, advanced distributed denial-of-service attacks and payment fraud. In the event of an undesirable bot being detected on an online business protected by DataDome, customers are automatically protected in less than 50 milliseconds.
According to the research and advisory firm Gartner, by 2024 more than 60% of online retailers will rely exclusively on machine learning for online fraud detection while abandoning traditional rule-based solutions that cannot cope with bot agility, making the sector ripe for startups like DataDome to scale up.
Targeted towards DevSecOps or development, security and operations personnel, DataDome’s SaaS platform combines enterprise-level professional services and dedicated bot security operations centres. It can be easily integrated with any web infrastructure and can be installed and running in under an hour, the firm claimed.
DataDome can be activated in a few clicks on platforms that include Amazon Web Services Inc., Fastly Inc., Cloudflare Inc. and Salesforce.com Inc.’s Commerce Cloud.
The company already boasts of customers including Axel Springer SE, AngelList Talent, Australia Post, Carsales.com Ltd. and Foot Locker Retail Inc.
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