Artificial intelligence start-up closes first tranche of $16 million funding round

Deep Labs, the creator of artificial intelligence-based decision and risk systems, has closed the initial tranche of a $16 million commitment from a group of financial technology investors.

The investor group includes highly experienced financial services investors and executives, led by Corsair Capital, Serendipity Capital and Gramercy Ventures. Two senior executives from its new investors, Gunnar Overstrom and Robert Jesudason, have joined Deep Labs’ Board of Directors.

Deep Labs was founded in 2016 by Dr. Scott Edington, CEO, and deploys a suite of proprietary solutions for transaction authentication and authorisation. It leverages the power of persona-based intelligence to improve businesses’ ability to safely integrate customer behaviour into their operations, increasing authentication accuracy and reducing susceptibility to cybercrime.

The company’s early customers include global payments networks Visa and American Express, authentication leaders such as Clear, the U.S. Government, Mastercard, NICE Actimize, Booz Allen Hamilton and General Dynamics Information Technology.

“We are pleased to welcome such a high-calibre group of investors as we expand Deep Labs [and] add new customers and partners around the world,” said Dr. Edington. “Our new investors have a true understanding of our business, our goals and our long-term strategy, and

“Deep Labs is a critical partner for Mastercard, particularly as we focus on enabling hyper-personalised 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.”