M12, the corporate venturing unit operated by software provider Microsoft, co-led a $15m series A round for US-headquartered payment protection technology developer NSKnox on Tuesday.
The round was co-led by technology investment group Viola Ventures and also featured Discount Capital, the investment arm of financial services firm Israel Discount Bank, in addition to unnamed existing investors. The company has not revealed details of its seed funding.
Founded in 2016, NSKnox provides a software product called TxAuthority that helps corporate payment systems automatically detect and prevent fraudulent activity, cyber attacks and data manipulation attempts.
The platform leverages several systems from different networks and external organisations so businesses do not rely on individual internal systems which can be easily targeted.
The series A funds will be used to expand the company’s global customer base and strengthen development of its technology.
M12 principal Lior Litwak said: “The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behaviour, which costs corporations significant amounts of money every year.
“NSKnox’s corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats. We look forward to being a part of NSKnox’s journey as they grow and expand.”