A $9 million Series A round of funding led by B Capital and Lightspeed will expand Data Sutram's fraud detection platform based on AI
"The Trust Revolution: Data Sutram's Quest for Global Impact"
In a bustling corner of Mumbai, a trio of visionaries—Rajit Bhattacharya, Sagnik Poddar, and Ankit Das—embarked on a journey to revolutionize the world of regulatory technology. Their startup, Data Sutram, emerged from a simple yet profound idea: to harness the power of artificial intelligence to combat fraud and empower financial institutions with the tools they needed to thrive in a digital age increasingly plagued by deception.
Founded in 2019, Data Sutram quickly garnered attention for its innovative approach. The company's flagship platform processed over 110 million identities, leveraging alternative data streams to create a proprietary “Trust Score.” This score was more than just a number; it was a beacon of insight, assessing the reliability of transactions by analyzing behavioral patterns and digital footprints. With just a name, phone number, and email, Data Sutram could unveil a world of risks—synthetic identities, collusion, and identity theft—all in real-time.
As the startup flourished, the team knew they had to think bigger. The digital landscape was evolving rapidly, and so too were the threats it harbored. With the recent announcement of $9 million in Series A funding, co-led by esteemed venture capital firms B Capital and Lightspeed, Data Sutram was poised to take its mission global. The funding was not just a financial boost; it was a testament to the trust and belief investors had in the potential of their technology.
“Our USP is external intelligence,” Rajit declared, his eyes gleaming with determination. "We’re not just selling data; we’re bringing visibility into a customer’s behavior beyond the walls of traditional banking." The company was on a mission to expand its fraud detection capabilities into high-risk sectors like insurance, gaming, and cryptocurrency—areas often overlooked but crucial in the battle against fraud.
As the founders prepared for international expansion, they faced the challenge of scaling their operations while maintaining the integrity and reliability of their platform. It was a daunting task, but with a team of dedicated engineers and data scientists, they were ready to tackle it head-on. They envisioned a world where financial institutions could operate with confidence, armed with the intelligence to make informed decisions about each new account, loan, or insurance application.
The road ahead was not without its hurdles. The regtech landscape was burgeoning, driven by the urgent need for compliant, AI-native solutions amidst rising fraud levels. Yet, as Karan Mohla, General Partner at B Capital, noted, Data Sutram had already achieved a rare feat for an early-stage startup—onboarding large financial institutions in India, proving the efficacy of their technology in real-world scenarios.
As the news of their funding spread, the founders of Data Sutram realized they were not just building a company; they were igniting a trust revolution. With each fraud detection made possible by their platform, they were contributing to a safer financial ecosystem, one that empowered institutions to act decisively against fraud while complying with regulations.
In the years that followed, Data Sutram would transcend borders, bringing its AI-driven insights to global markets. With every transaction assessed, every risk evaluated, they would leave an indelible mark on the financial landscape, transforming not just how institutions operated, but the very nature of trust in a digital world.
And so, the story of Data Sutram unfolded—a tale of innovation, resilience, and an unwavering commitment to safeguarding against the shadows of fraud that loom over the digital economy.
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