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HomeBusiness NewsBusinessBusiness GrowthDetected closed £600,000 seed round within 72 hours

Detected closed £600,000 seed round within 72 hours

by LLB Finance Reporter
24th Nov 20 10:03 am

Detected, the world’s first agnostic business verification platform, has completed its £600,000 seed round led by Hong Kong based EmergeVest within just 72 hours. Stephen Garland, Chief Technology and Product Officer at Trustpilot, has also joined Detected’s advisory board and is one of many high-profile investors that include:

  • Vinny Patel: Managing Director of Accenture
  • Mark Brammer: Strategic Investments and Growth Lead at Accenture Products UK&I
  • Richard Pope: Founder & CEO of Data Leaders and Founder of Procurement Leaders

Stephen Garland, Chief Technology and Product Officer at Trustpilot said: “B2B e-commerce is growing and – in such a dynamic market – automation and efficiency are becoming crucial to the buyer’s journey. The question is how to build layers of trust into this. Detected offers a scalable and pragmatic solution, in a very real and growing area of concern for many businesses. I’m excited to have invested and look forward to supporting Liam and his high-calibre team on this important journey.”

Heath Zarin, Founder and CEO of EmergeVest said: “EmergeVest is delighted to take the lead investor role at this stage of development of Detected. We view prevention of online fraud as an extremely serious issue and believe Detected has an exciting and disruptive approach that will get widespread market adoption.”

Mark Brammer, Strategic Investments and Growth Lead at Accenture Products UK&I said: “What the Detected team have achieved in such a short space of time is very impressive. The practical application of the product they have built is far reaching and highly valuable.”

Liam Chennells, Chief Executive Officer at Detected added, “To close this round 72 hours after opening it is a pivotal moment for Detected. Particularly as it was led by EmergeVest and included such prominent angel investors. It demonstrates how strongly business leaders and marketplace operators feel about the solution Detected has developed and the market that it is disrupting. It also endorses our team’s experience, technology credentials and incredible pre go-live commercial progress.”

Since closing its £250,000 pre-seed in September, Detected has secured committed customers and commercial partners across both corporate businesses and marketplaces. Detected launches its AI-powered platform in early December. Leading its product development has been Peter Youell, Detected’s CTO, who pioneered some of the world’s largest eCommerce projects at Astound Commerce, Oracle and Tryzens.

Detected enables B2B buyers and sellers to trade with confidence. Platform and marketplace agnostic, Detected’s thousands of data points confirm a buyer or seller’s business identity, location, solvency and credit rating in seconds. This automated insight is refreshed month after month, eliminating the need for ongoing time-consuming and manual due diligence.

Detected builds trust between trading partners, solving the impatience conundrum associated with due diligence, and simplifying cross border trade. The company’s platform seamlessly integrates into any existing marketplace, business process or procurement system.

Detected will use this capital for product development, continued commercialisation and global expansion as it cements its position as an international leader in Digital Commerce and RegTech.

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