Gurugram-based artificial intelligence (AI) start-up ThirdWatch on Tuesday announced it has raised an undisclosed sum of funding from the Indian Angel Network (IAN) which marks IAN's first investment from their Rs 450 crore fund.
Launched in April 2016 by Co-Founder and CEO Adarsh Jain with Co-Founder and CTO Shashank Agarwal, ThirdWatch is India's first AI-based start-up for real-time fraud detection and prevention.
The start-up's flagship product "Mitra" evaluates and flags every transaction in real-time as fraudulent or genuine on the basis of a Trust Score.
The Score is generated with the help of machine learning algorithms, browsing behaviour analysis, device fingerprinting, location profiles and other evaluation parameters which determine every transactions' authenticity.
E-commerce players and merchants can integrate the application with "Mitra" API which automatically blocks fraudsters at large scale, the company said in a statement.
"We are privileged to be invested in by such an amazing group of investors. We believe this would provide a significant boost to our quest to build and introduce innovative technological advances using AI and Big Data Analytics in the retail and ecommerce industry in India," said Jain.
According to reports, the Indian e-commerce industry is expected to jump from $30 billion in 2016 to $120 billion by 2020.
"Over the past few years, we have seen e-commerce fraud grow both in scale and variety. I believe that ThirdWatch's proven AI technology and unique analytical model truly differentiates the company in a fast-growing global fraud prevention marketplace," added Rahul Agarwalla, IAN's lead investor.
Established in 2006, the IAN is India's first and the world's largest business angel network with over 450 members across the world.