Edinburgh-based startup Pasabi has secured a $3m (£2.4m) investment to expand its digital fraud detection platform.
Fake content is often the scourge of online product and service reviews, with companies like Trustpilot having to remove millions of suspicious customer ratings to ensure user trust.
Pasabi is looking to combat this issue with its fraud detection platform that combines AI, behavioural analytics and pattern recognition to monitor marketplace review sections and identify dubious content.
The Scottish firm will look to expand globally following the latest cash injection.
“This investment will allow us to turbocharge our offering, expanding our reach in the fast-growing trust and safety software market at a time when fraud attacks and fake reviews are wreaking havoc online,” said Chris Downie, CEO and co-founder of Pasabi.
“In the era of generative AI, people will no longer be able to rely on the authenticity of the content they consume. Only solutions like Pasabi’s, that focus on behaviours over content to detect bad actors, will allow platforms to provide safe environments for their users.”
The funding came from the €100m (£86.2m) growth fund from technology consultancy and investor VeUP.
“Pasabi is a powerhouse of technology innovation and the company’s unrivalled solution is set to make waves in the trust and safety software market,” said Alexander Dick, executive chairman of VeUP.
“We are very excited to announce this new investment partnership and look forward to working closely with Chris and the Pasabi team to accelerate the company’s global expansion.”
VeUP’s investment fund was launched earlier this year to back high-potential tech startups that use Amazon Web Services products.