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Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital

EntrackrEntrackr · 5m ago
Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital
Medial

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital B2B SaaS company Data Sutram is in advanced stages of securing $10-12 million in a new funding round, according to sources familiar with the development. The new round is coming within 15 months for the Mumbai-based startup. “Lightspeed Venture Partners and B Capital are leading the new round in Data Sutram as the deal is expected to close soon,” said one of the sources. “Existing investors will also participate.” Founded in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram’s proprietary AI and ML-driven data engine automatically converts raw unstructured data from satellites, mobile phones, POS machines, and several other sources. Its product suite—Find, Authenticate, and Grow—has gained significant traction among major banks, NBFCs, and fintechs worldwide. The company asserts that its data insights drive a 3X boost in sales, reduce fraud cases by 45%, and enhance customer lifetime value (CLTV) by 1.5X. In September 2023, Data Sutram secured $3 million in funding, led by Singularity Growth Fund and other investors. Earlier, in February 2022, the company raised $2.07 million in a funding round spearheaded by Varanium Capital and Yatra Angel Network. As per sources, Data Sutram is looking for a valuation of $60-70 million (post money). Queries sent to Data Sutram, Lightspeed and B Capital remained unanswered until publication of the story. For the fiscal year ended in March 2024 (FY24), Data Sutram reported Rs 5.6 crore in revenue with a loss of Rs 10.8 crore.

Deepfake detection startup Neural Defend secures pre-seed funding

EntrackrEntrackr · 3m ago
Deepfake detection startup Neural Defend secures pre-seed funding
Medial

Deepfake detection startup Neural Defend secures pre-seed funding Cybersecurity startup Neural Defend has raised over $600K in a pre-seed funding round led by Inflection Point Ventures (IPV) along with participation from MIT SBXI, Techstars, and Soonicorn Ventures. The capital will be used to enhance its agentic AI capabilities for real-time, multimodal deepfake detection, further advancing R&D efforts and product development, Neural Defend said in a press release. Co-founded in 2024 by Piyush Verma, Sivashankar Selvarajan, and Sumit Singh, Neural Defend focuses on deepfake detection and cybersecurity innovation, leveraging AI agentic technology to offer scalable and resilient solutions. Neural Defend aims to address the growing risks posed by AI-generated digital deception. The startup intends to redefine identity protection and fraud prevention on a global scale. It is scaling its operations by engaging with global enterprises, fintech companies, and financial institutions for product validation and market expansion. According to Neural Defend, unlike traditional methods, its proprietary AI models detect deepfakes across multiple data formats, including video/image, audio, real-time streams, ensuring robust fraud prevention for businesses and governments. Neural Defend claims to work with fintech companies and financial institutions focusing on Video verification and KYC use cases.

Digital fraud-hit banks turn to startups to cope with risks

Economic TimesEconomic Times · 1y ago
Digital fraud-hit banks turn to startups to cope with risks
Medial

Legacy financial institutions in India are turning to data analytics startups for support in strengthening their customer onboarding processes and managing risk. Mumbai-based startup Data Sutram has developed a product called 'DS Authenticator Trust Score' which assesses customer trustworthiness during account opening or credit assessment. The company analyzes data from various sources to assign a trust score. Data Sutram has raised $5.4 million in funding and is supporting institutions such as IndusInd Bank, IDFC First Bank, Union Bank of India, DMI Finance, and IIFL Finance. Other startups, like Bureau Inc, are introducing tools to detect potential money mules during customer onboarding, using device fingerprints and historical data.

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