US-based fraud detection software developer Simility has received $17.5m in a funding round led by venture capital firm Accel that included online payment services provider PayPal.
The round also featured VC firms Trinity Ventures, Array Ventures and The Valley Fund, the three investors that invested $1.5m in Simility in June 2016.
Simility’s platform uses machine learning to help companies prevent types of fraud including account takeover fraud, where someone tries to gain access to another person’s account, and account origination fraud, where a new account is set up using stolen or fake identities.
The software is intended for enterprises and small and medium-sized businesses and is used by customers in the financial services, retail and payments industries. Simility will use the funding to expand its sales operations in the US and to expand data science team.
The company has now raised a total of $25m. Accel led a $3.5m round for Simility in August 2015 that was extended with $2.3m from Trinity Ventures and assorted angel investors two months later.
Rahul Pangam, co-founder and CEO of Simility, said: “This latest funding round will enable us to enter our next phase of growth by bolstering our world-class team of industry veterans in sales, customer success and data science to meet market demand.”