By Jaspreet Singh
(Reuters) – Cybersecurity startup Bureau has secured $30 million in a funding round led by Sorenson Capital to expand its presence in new markets, it said on Wednesday.
The company focused on preventing user identity fraud was valued at around $150 million in the Series B funding, a source familiar with the deal said.
PayPal’s venture arm PayPal Ventures and existing investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital and XYZ Ventures participated, Bureau said.
Customers are looking to secure their business operations from cyberattacks, which have hit corporations such as Microsoft, UnitedHealth Group and Walt Disney.
“We are seeing a lot of demand. We need to support that with sales and marketing efforts,” founder-CEO Ranjan Reddy told Reuters.
Bureau’s customers include India’s ride-hailing company Rapido and IDFC First Bank and it is planning to expand operations to Saudi Arabia, North America and Mexico, Reddy said.
The company’s Money Mule Score tool helps customers identify suspicious entities that may be involved in money mule activities.
Money mules are individuals who, intentionally or inadvertently, transfer illegally obtained funds on behalf of criminals, often as part of fraud or money laundering schemes.
The startup employs 85 employees and aims to expand the headcount to 120 by 2025 end as it hires machine learning engineers and data scientists to boost its AI products.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Mohammed Safi Shamsi)
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