Azim Premji, chairman of Wipro Ltd. is financially supporting another US startup, leading a $100 million in an e-commerce, fraud-prevention company Signifyd.
Signifyd makes software that analyzes online transactions for fraud. Signifyds technology spots risky transactions before cards are processed and let merchants know whether or not to ship a product. The San Jose, California-based company plans to increase its staff to 320 and has opened an office in Barcelona during the next year, CEO Raj Ramanand told The Economic Times.
Premji Invest lead partner Sandesh Patnam said Ramanands intellectual horsepower and the companys technology impressed him. Now the next big phase of growth is up to the sales team, he said, who will be heads down for the next two to three years. Signifyd previously raised $87 million, Ramanand said, from investors including Bain Capital and Menlo Ventures.
It also marks a major inflection point for Signifyd Inc. which aims to help e-commerce sites to find frauds and reduce the number of legitimate transactions that are improperly declined.