US based startup Scallar has raised USD 7.5 Million on 11th of February, 2021 in a Series A funding round led by European Bank of Reconstruction and Development. The company has secured a total amount of USD 7.5 Million funds in funding over 2 rounds.
Investors: The association has acquired a capital of USD 7.5 Million in series A round which was led by European Bank of Reconstruction and Development along with the participation from previous investors like OTB Ventures, TMT Investments and Speedinvest.
What the funding is for: The fresh funding would be utilized for expanding its reach in Asia and would continue to make progressive improvements on their product.
Founders of the company: Inna Ushakova and Yuriy Yashunin
Founded date: November 20, 2016
About the company: Scalar is a privately held organization which operates under the information technology and services sector. Its headquarters is established in Wilmington, Delaware and has a work strength of around 51-200 employees. They also deal with various specialties like machine learning, data security, mobile fraud protection and fraud detection. Scalar is basically an innovative, machine learning anti-fraud solution which detects the mobile application install fraud with dramatically improved accuracy.
What the CEO has to say: “Scallar says it can detect 60% more fraud than existing products in the market and that it saved its clients USD 22 million in ad fraud refunds in 2020. The organization has attributed this in large part to the start-ups’ expensive use of machine learning technology. Fraud is ever evolving, it’s like a Tom and Jerry game, so they are ahead of you and we are trying to catch them.” — Inna Ushakova, Co-founder of Scallar.
“While large ad attribution companies are adding anti-fraud products, they are not the focus. And historically companies have tried to detect fraud through a rules-based approach where there’s a list of behaviors which suggests fraudulent activity but no matter how quickly they create those rules, it’s hard to keep up with the fraudsters.” — Yuriy Yashunin, Co-founder of Scallar.
What the investors have to say: “Only ML could help you predict the next step, and with ML you should be able to detect abnormalities that are not classified. Right after that our analytics should be able to take a look at those abnormalities and decide whether something is statistically important.” — General Manager at European Bank of Reconstruction and Development.
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