Israel-based nSure.ai, an Artificial Intelligence protection company, announced that it raised USD 6.8 Million in a seed funding round. The round was led by DistruptiveAI, Moneta Seeds, Phoenix Insurance, Kamet, and some private investors.
The fundraised amount will be used to develop nSure’s predictive AI and algorithms for machine learning that have to check for digital fraud detection, reducing the industry standards decline rate to 20% from 90%.
Words from investors –
“We believe that fraud, especially in the booming field of digital goods, can only be fought with top-of-the-line AI technologies. nSure.ai has both the technology and industry understanding to win this market.” – said Gadi Tirosh, Venture Partner at Disruptive AI.
About nSure.ai –
nSure.ai was initiated by Alex Zeltcer and Ziv Isaiah in 2019, having its headquarters in Tel Aviv, Israel. The company uses advanced AI to offer merchants protection which is insurance backed against gift-card frauds.
Before the Co-founders started nSure.ai, they had first-hand experience of the extraordinary issues faced by retailers of digital assets. During the beginning of their online gift card business, all 40% of their sakes were fraudulent, resulting in chargebacks.
The impedance, company is tackling is the difference between physical goods and digital goods of the seller. Unlike physical goods that have a warehouse to be stored, digital assets don’t have this convenience.
The company currently has a workforce of 16 people, who aid in detection for high-risk digital assets, i.e, software, gift cards, games, airline tickets. The nSures risk detection engine leverages machine learning techniques to specifically identify a transaction that is fraudulent.
NSure AI currently manages and monitors millions of transactions per month, has approved close to $1 billion in volume since it started.
“We are thrilled that our investors have placed their trust in our leadership and confidence in nSure.ai. This investment enables us to register thousands of new merchants, who can feel confident selling higher-risk digital goods, without accepting fraud as a part of the business.” – said Alex Zeltcer, co-founder and CEO, nSure.
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