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AI startup Deep Labs scores $16m

AI startup Deep Labs scores $16m

Deep Labs, a US startup that uses AI to build "persona-based" risk systems, has secured $16 million in commitments from a group of fintech investors.

Gunnar Overstrom, partner at Corsair Capital, Serendipity Capital and Gramercy Ventures, led the investment.

Founded in 2016 by former Visa Labs chief Scott Edington, Deep Labs uses persona-based intelligence for transaction authentication and authorisation.

The company's technology creates dynamic adaptive risk and propensity profiles for users of products and services - analysing whether behaviour is typical or unusual and how that behaviour changes as it "moves through space and time".

For example, the firm says it can pick up on how people use their devices differently during the morning and at night or even depending on the weather.

The technology is used by Deep Lab clients to tackle things such as account takeover, anti-money laundering, false declines, marketing decisioning, identity, and friendly fraud.

Deep Labs claims Visa and American Express among its early customers and Mastercard as a partner.

Says Edington: "We built Deep Labs with the objective of moving the world of decisioning from a static, one dimensional process to a multi-dimensional one that uses the most modern computing and mathematical methods available.

"With next-generation, persona-based intelligence that leverages true context-aware computing, our innovative products represent a new way for businesses and their customers to understand how an actor's behaviour changes as it moves through time and space."

Separately, Deep Labs has been picked to participate in Goldman Sachs’ first Launch With GS Black and Latinx Entrepreneur Cohort. As one of 14 members of the cohort, Edington will get an eight-week virtual experience with access to the bank's resources and contacts.

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