As cases of cybercrime against US business bankers reach epidemic proportions, California-based banking security firm Guardian Analytics has raised $9 million in funding, led by Sutter Hill Ventures with participation by existing investor Foundation Capital.
The vendor says the Series C funding anticipates growing demand among financial institutions for for fraud prevention technology, with US banks suffering a wave of cyber attacks directed at businesses using the ACH wire transfer system.
Earlier this year, the company announced FraudMap for Business Banking, designed specifically to detect suspicious behavior in the multi-user business-banking environment where fraudsters have recently stolen hundreds of millions of dollars using Man-in-the-Browser attacks and networks of money mules.
Guardian Analytics' flagship software, FraudMap uses predictive behavioral analytics to monitor customer accounts in a bid to proactively prevent fraud
The five-year old company achieved record results in 2009, increasing new customer sales by 300% year-over-year and driving a 100% customer renewal rate.
Terry Austin, CEO, Guardian Analytics says: "This infusion of capital will allow us to take our market presence to the next level and will fuel our overall awareness, customer acquisition and product innovation efforts."
In conjunction with the funding, Greg Sands of Sutter Hill Ventures is joining the board of directors at Guardian Analytics. He says: "We see 2010 as a breakthrough year for the company."