London: Monday 5th June 2023: UK Trust & Safety platform, Pasabi, has secured a multi-million-dollar investment deal to fund the company’s global expansion.
The Edinburgh-based 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 as well as hiring 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 was provided by global technology consultancy VeUP, as part of the company’s €100m growth fund which is designed to support high potential Independent Software Vendors (ISVs) using Amazon Web Services.
According to data from the World Economic Forum, the fake review epidemic is estimated to directly influence over $152 billion of global online spending every year, putting businesses and consumers at risk. Pasabi’s solution uses AI-powered behavioural analytics to tackle online fraudulent behaviour and identify fake reviews.
Downie recently addressed attendees at the global Marketplace Risk Management Conference alongside spokespeople from Trustpilot, warning delegates about the rising threat posed by online fraud and fake reviews.
Chris Downie, CEO and Co-founder, Pasabi said:
“These 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. In 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’s, that focus on behaviours over content to detect bad actors, will allow platforms to provide safe environments for their users.”
Alexander Dick, Executive Chairman of VeUP said:
“Pasabi is a powerhouse of technology innovation and the company’s unrivalled solution is set to make waves in the trust and safety software market. We 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’s global expansion.”
About Pasabi
Pasabi’s fraud detection technology enables marketplaces, platforms and online communities to deliver more authentic and trusted digital experiences.
Combining AI, behavioural analytics and pattern detection, we continually monitor our customers’ data to identify patterns of suspicious behaviour to classify multiple fraud threats.
Our fraud intelligence highlights fraud rings and the most prolific offenders, providing evidence to enforce against bad actors, fake reviews, scams, counterfeit and fake accounts.
Pasabi, detecting multiple fraud threats with one solution.