Edinburgh-based fraud detection platform ,聽has secured a multi-million-dollar investment deal to fund the company鈥檚 global expansion.
The firm, co-founded by entrepreneurs Chris Downie and Martin Spinks, will use the investment to open a series of business hubs in the US, UK and Portugal.
It will use the funding to hire specialist staff across key functions of engineering, product development, sales, and marketing.
Pasabi will also develop and launch a new version of its product on AWS Marketplace.
The funding 鈥� reported to be $3m (拢2.4m) – was provided by global technology consultancy VeUP, as part of the company鈥檚 鈧�100m聽growth fund聽which is designed to support high potential Independent Software Vendors聽(ISVs) using Amazon Web Services.
Chris Downie, CEO and co-founder, Pasabi said:聽鈥淭hese are incredibly exciting times for Pasabi, and 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.
鈥淚n 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鈥檚, that focus on behaviours over content to detect bad actors, will allow platforms to provide safe environments for their users.鈥�
Alexander Dick, executive chairman of VeUP, said:聽鈥淧asabi is a powerhouse of technology innovation and the company鈥檚 unrivalled solution is set to make waves in the trust and safety software market.
鈥淲e 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鈥檚 global expansion.鈥�
Pasabi鈥檚 solution uses AI-powered behavioural analytics to tackle online fraudulent behaviour and identify fake reviews.