US-based fraud prevention technology provider Arkose Labs secured $70m on Tuesday in a series C round led by internet and telecommunications group SoftBank’s Vision Fund 2.
Digital payment processor PayPal, software producer Microsoft and financial services firm Wells Fargo also took part in the round, through respective corporate venture capital vehicles PayPal Ventures, M12 and Wells Fargo Strategic Capital.
Arkose produces anti-fraud software which can protect businesses’ online operations against automated and manual cyberattacks by making the attack process less lucrative and more arduous.
The company’s technology is used in a number of sectors including financial services, media, retail and gaming, and Arkose said it analysed more than 15 billion online sessions and prevented 4.6 billion cyberattacks in 2020.
The round increased Arkose’s total funding to $114m, the company said. The proceeds will support global expansion, platform development and recruitment activities.
Consumer electronics producer Sony’s Innovation Fund provided an undisclosed amount of funding for the company in February this year. M12 had led its $22m series B round in March 2020, with participation from PayPal and US Venture Partners.
Arkose had already received an undisclosed amount from PayPal in November 2018, two months after a $6m series A round led by US Venture Partners.