TechNation: Forter Secures $50 Million for E-commerce Fraud Detection Technology

MeMed raises $70 million from Chinese, Israeli investors for medical diagnostics tech ■ Source Defense nabs $10 million for blocking website supply-chain attacks

FILE PHOTO: Sequoia Capital China Founding attends the Asian Financial Forum in Hong Kong, January 15, 2018.
Bobby Yip/Reuters

Forter secures $50 million for e-commerce fraud detection technology

Forter, an Israeli-American startup whose products protect online retailers from fraud in real-time, said on Wednesday it had secured $50 million in new financing. The round was led by round led by March Capital and Salesforce Ventures, the investment arm of Salesforce.com, with all its existing investors joining in, including Sequoia Capital, NEA, Scale Venture Partners, Commerce Ventures and Arbor Ventures. CEO Michael Reitblat said in a blog post that the proceeds will be invested in research and development to expand the platform and to accelerate its newly launched global expansion drive. Forter provides uses machine learning technologies, enhanced by human domain expertise and continuous research, to create an identity database that current covers more than 180 million U.S. shoppers. Founded in 2013, the company claims to now protect $50 billion in online transactions -- more than 10% of all U.S. ecommerce transactions outside of Amazon. (TheMarker Staff)

MeMed raises $70 million from Chinese, Israeli investors for medical diagnostics tech

MeMed, which has developed a medical diagnostics kit, has completed a financing totaling over $70 million from a group of Chinese and Israeli investors. The groups includes Ping An Global Voyager Fund, a unit of the Chinese insurer; China’s Horizons Ventures; the Taiwanese electronic maker Foxconn as well as Israel’s Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd and others. Unlike conventional solutions, MeMed uses the human immune system as the disease sensor, which it says enables more accurate prescription of antibiotics. It’s also faster, taking two hours instead of two days. Proceeds will be used to market MeMed B, an immune-system based test for distinguishing between bacterial and viral infections and complete development of its MeMed Key devise. “There is a daunting problem of antibiotic misuse in China whereby antibiotics are being prescribed to treat non-bacterial infections, a problem which is presenting major health and financial challenges,” Eran Eden, the company’s cofounder and CEO, told the South China Morning Post. (TheMarker Staff)

Source Defense nabs $10 million for blocking website supply-chain attacks

Source Defense, whose software blocks website supply-chain attacks, closed a $10 million funding round led by the San Francisco-based investor AllegisCyber. Return investor Jerusalem Venture Partners, as well as Global Brain and Connecticut Innovations, joined in. The Israeli startup said the capital would be used to step up marketing of its website security platform, which among other things can prevent credit card skimming attacks. “Websites are the front line of the global digital economy and increasingly the focal point of attacks by bad actors. The growing complexity of these commerce platforms and the extensive use of third-party software makes them particularly vulnerable to attack and compromise,” said Pete Bodine, managing director, AllegisCyber. Source Defense was formed in 2014 and until now had raised just $1.1 million from JVP and the Israeli government’s Office of the Chief Scientist. The company employs 18 people in offices in Beer Sheva, Rosh Ha’ayin and Stanford, Connecticut. (Amitai Ziv)