Tel Aviv, Israel, June 14, 2021- nSure.ai, a predictive AI fraud protection company, focuses on the unique needs of digital goods retailers, announced a successful seed fundraising round of $6.8 million, led by DisruptiveAI, Phoenix Insurance, Kamet – an AXA backed venture builder, Moneta Seeds and private investors.
These funds will go towards further developing nSure.ai’s predictive AI and machine learning algorithms for the detection of fraud of digital goods sales, like gift cards, digital wallet transfers, prepaid debit cards and more.
The company was founded in 2019 after founders Alex Zeltcer and Ziv Isaiah experienced the challenges of the industry and developed a platform for the digital goods sector. nSure.ai’s solution currently monitors and manages millions of transactions every month, and has approved close to $1 billion in volume since going live.
“We believe that fraud, especially in the booming field of digital goods, can only be fought with top-of-the-line AI technologies,” said Gadi Tirosh, Venture Partner at Disruptive AI. “nSure.ai has both the technology and industry understanding to win this market.”
Today’s fraud protection tools analyze each online transaction in an attempt, but an average of 15% of transactions ,”grey transactions”, are obscure and require a manual review, which results in delays in delivery or high rejection rates of legitimate customers. Today’s industry benchmark detection declines approximately 15% to 20% of transactions. nSure.ai solution’s 98% approval rate reflects a more accurate fraud-detection strategy and enables retailers to recapture nearly $100 billion a year in lost revenue.
“We are thrilled that our investors have placed their trust in our leadership and confidence in nSure.ai,” said Alex Zeltcer, co-founder and CEO. “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 business.”
nSure.ai is a fraud protection solution made for sellers of digital goods and services that are attractive to fraudsters. This includes highly tradable digital goods such as gift cards, digital wallets & banking services, airline tickets, software, games, and more. The company’s patented predictive AI technology has already been tested at scale, and handles transaction value of hundreds of millions of dollars every year. nSure.ai provides the only true chargeback guarantee for digital goods, helping sellers reduce decline rates, increase revenue and improve customer satisfaction.