Raison Asset Management — an international investment company, has invested in Sift, an American startup that develops an AI platform to prevent digital fraud. The investment took place on the VC secondary market and the amount of investment is not disclosed.
Sift is an AI platform for detecting cyber-attacks online. The company offers SaaS solutions for tracking and preventing digital fraud. Its platform is actively used by McDonald’s, Twitter, Airbnb, DoorDash, Twilio, and more. The startup was valued at over $1.8 billion in a September 2021 funding round. Y Combinator, Andreessen Horowitz, Insight Venture Partners, Spark Capital, and Eden Ventures are among the major backers.
To predict and detect fraudulent activity, Sift’s algorithms analyze a global data network of 70 billion events per month. Sift’s machine learning models evaluate every action of a potential attacker in real-time, from creating a fake account and transaction fraud to publishing prohibited content.
In 2020, the global fraud detection and prevention market was valued at $20.98 billion, according to a report by GrandViewResearch. This market is expected to grow by an average of 15.4% per year and reach $66 billion by 2028.
Sift is not the only cybersecurity startup in the Raison Asset Management portfolio. The fund also invested in Tanium, Samsara and Rubrik. Samsara had a successful NYSE listing in December 2021, and the current return for investors is estimated at 68%, as of the 5th of February 2022.