In a seed funding round led by Unicorn India Ventures and including angel investors, Deep Algorithm Solutions, a cybersecurity and artificial intelligence startup that focuses on preventing fraud in digital financial ecosystems, has raised Rs 10.8 crore, or about $1.25 million.
The money will be utilized to scale GTM’s operations in India and Southeast Asia, grow its engineering and threat intelligence teams, and strengthen platform integrations with Okta and Azure AD.
Established in 2021, Deep Algorithm uses a business-to-business (B2B) business model and provides enterprise-grade security products like BotShield, a tool for DDOS mitigation, runtime application protection, and zero-day threat prevention, and adapIDAI, an adaptive behavioral intelligence identity engine.
For BFSI and other high-risk digital ecosystems, the startup offers ongoing authentication and fraud analytics.
The Mumbai-based company claims to have finished live deployments at a private hospital, a government agency, and a significant private bank. In addition, it has an international patent application and a government-issued patent.
Deep Algorithm is currently looking into joint ventures in Kenya, South Africa, and the United Arab Emirates in addition to growing into BFSI hubs like Bengaluru and Mumbai. Additionally, it is developing analytics dashboards and a SaaS model for risk teams and mid-market clients.
