The funding will help DataDome enhance its bot protection solution for e-commerce businesses. Here are the top-line bullets you need to know.
DataDome, a cloud-based cybersecurity company that caters to global e-commerce businesses, has raised $35M in a Series B with participation from Elephant Venture Capital and ISAI.
HOW’S THE COMPANY PERFORMING?
- Paris-based DataDome offers an AI-based software that compares requests to a website, smartphone application, or API with an in-memory sample database to analyze fraudulent traffic. It secures e-commerce companies from internet scraping, account takeover, and cost fraud.
- The company’s bot detection platform processes more than a trillion pieces of information a day, at a processing time of fewer than 50 milliseconds per customer.
- DataDome’s annual recurring revenue, which currently stands at $15M, is expected to double in the next year.
- With offices in New York and Singapore, the company caters to 150 customers, including Axel Springer, AngelList Talent, Australia Post, Carsales.com, and Foot Locker Retail, among others.
Source: DataDome
WHY DOES THE MARKET MATTER?
- The global fraud detection and prevention market is projected to grow at a CAGR of 24.4% and reach a value of $106.71B by 2027, according to Fortune Business Insights.
- The growing US e-commerce market is expected to generate more than $700B in sales by 2023. This growth has led to an increase in the number of fraudulent activities in the digital space, leading to a higher demand for fraud prevention software.
- The Covid-19 pandemic has led to an increase in the number of digital payments, leading to an increased focus on e-commerce security.
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