SAN FRANCISCO, May 14, 2020 /PRNewswire/ -- Deep Labs Inc., a leader in artificial intelligence and the creator of patented persona-based, context-aware decisioning and risk systems, today announced that it has closed the initial tranche of a $16 million commitment from a group of leading financial technology investors.
The investor group includes highly experienced financial services investors and executives, led by Gunnar Overstrom, Partner at Corsair Capital, Serendipity Capital and Gramercy Ventures. In connection with the investment, Overstrom and the Founding Partner of Serendipity Capital, Robert Jesudason, have joined the Board of Directors.
Deep Labs, founded in 2016 by Chief Executive Officer Dr. Scott Edington together with experienced digital payments and signal experts, deploys a suite of proprietary solutions for transaction authentication and authorization. The Company is best known for leveraging the power of persona-based intelligence to improve businesses' ability to safely integrate customer behavior into their operations, increasing authentication accuracy and reducing susceptibility to cybercrime.
"We are pleased to welcome such a high-caliber group of investors as we expand Deep Labs, add new customers and partners around the world, and continue to hire the best and brightest engineers and professionals," said Dr. Edington. "Our new investors have a true understanding of our business, our goals and our long-term strategy, and we look forward to benefitting from their unique expertise and experience."
Dr. Edington continued, "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. With next-generation, persona-based intelligence that leverages true context-aware computing, our innovative products represent a new way for businesses and their customers to understand how an actor's behavior changes as it moves through time and space. I believe we have the team, the technology and the financial and strategic support to redefine authentication and authorization."
Deep Labs' platform enables clients to deliver better customer experiences, thereby increasing revenue while maintaining acceptable risk levels and reducing true fraud. Clients and partners ranging from leading financial services firms and governments to retailers rely on Deep Labs' products. The Company's early customers include global payments networks Visa and American Express, authentication leaders such as Clear, and the U.S. Government. Mastercard, NICE Actimize, Booz Allen Hamilton, and General Dynamics Information Technology are among the Company's partners.
"Deep Labs is a critical partner for Mastercard, particularly as we focus on enabling hyper-personalized services for citizens around the world," said Miguel Gamiño Jr., Executive Vice President for Global Cities at Mastercard. "By bringing together Deep Labs' unique technology with our platforms, we are able to enhance our offering and provide greater access to city services, identification, disbursements and secure payment capabilities. We are excited to continue our collaboration with the Deep Labs team."
Advection Growth Capital served as merchant bank to Deep Labs and Rosenblatt Securities served as the investment bank advising the Company. Troutman Sanders LLP served as legal counsel to the Company.
About Deep Labs Inc.
Founded in 2016 by a team of experienced payments and signals intelligence experts, Deep Labs is powered by its patented platform leveraging persona-based dynamic adaptive risk and propensity profiles to address a range of risk, fraud, and user engagement use cases across the entire banking and financial technology ecosystem, including authentication and authorization, account takeover, AML, false declines to credit applications, account onboarding, marketing decisioning, and identity verification for two-sided marketplaces. Deep Labs' unique persona-based artificial intelligence enables businesses to solve complex problems and continuously assess risk in real time. The result is reduced fraud and identity theft, optimized customer experience, and better business decisions leading to revenue growth, reduced cost, and more intelligent predictive decisions for end customers. Deep Labs was named Company of the Year in 2019 in the Golden Bridge Awards® Artificial Intelligence Category.
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SOURCE Deep Labs