ThreatMark to develop new fraud prevention capabilities after pulling in $5M
A scale-up capital firm has committed $5 million to ThreatMark, an anti-fraud software makers that focuses on human behavior when looking for cybercrime.
Orbit Capital specializes in scale-up funding, which is a company that is more established than a startup and needs the services unique to private equity firms. Private equity funders typically invest in older firms that deal in hardware.
ThreatMark says it has already raised $8 million in 2023. The latest tranche will pay for research and development, market development and adding product capabilities.
CFO Martin Zikmund says having raised $13 million in a year in an economic climate making many venture capitalists cautious is a testament to the market’s recognition of ThreatMark’s behavioral biometrics and fraud prevention technologies.
The company’s claimed 50 percent year-over-year revenue growth no doubt was a deciding factor for Orbit.