Deep Algorithm Solutions: Pioneering Cybersecurity with AI
Innovative Funding Milestone
Deep Algorithm Solutions, an emerging startup in cybersecurity and artificial intelligence (AI), has successfully raised its first seed round of Rs 10.8 crore from Unicorn India Ventures. This funding marks a significant step in their mission to combat fraud in digital financial systems.
A Focus on Fraud Prevention
Founded in December 2021 by JP Mishra, Deep Algorithm Solutions is dedicated to protecting the finance sector from fraudulent activity. The company specializes in advanced technology solutions that prevent fraud in banking and other financial arenas.
Introducing adapIDAI
One of the standout products offered by Deep Algorithm Solutions is their adaptive behavioural intelligence identity security platform, known as adapIDAI. This innovative tool employs AI to monitor user interactions with their devices, creating unique behavioral patterns for each individual.
How adapIDAI Works
adapIDAI tracks various user patterns, such as finger pressure while tapping the screen, phone-holding behavior, and typing speed—all crucial indicators in accurately detecting fraudulent activity.
Addressing Cybersecurity Risks
“We are trying to solve fraudulent activity, especially with banks, to prevent bot attacks and other cybersecurity risks,” said JP Mishra, founder and CEO of Deep Algorithm Solutions, in an interview with ET.
The Role of BotShield
In addition to adapIDAI, Deep Algorithm Solutions has developed another platform called BotShield. This tool functions as a digital security guard, protecting websites and applications from various cyber threats, including malicious software and overwhelming fake traffic.
Strategic Use of Funds
The funds raised will enable Deep Algorithm Solutions to scale their engineering and threat intelligence teams. Additionally, they plan to accelerate go-to-market activities in both India and Southeast Asia.
Enhancing Technology Integrations
There is a clear focus on expanding integrations with key enterprise platforms, further enhancing their behavioral AI and fraud analytics engine, ensuring a robust defense against cyber threats.
Successful Deployments
Deep Algorithm Solutions has already deployed its applications at notable organizations. DCB Bank, a private sector lender, and the National Capital Region Transport Corporation (NCRTC), which operates rapid transit systems to improve connectivity in the Delhi NCR, are among the early adopters of its technology.
The Vision for Future Growth
Deep Algorithm Solutions aims to utilize a blend of AI, blockchain, the Internet of Things (IoT), and cloud technologies to effectively guard against fraud and cyber threats, thereby driving digital transformation and accelerating business growth.
Incubation and Support
The startup was incubated at IIIT Hyderabad, alongside leading innovation centers in IIT Mandi and IIT Kanpur. This prestigious backing has provided the company with valuable support and resources to grow and innovate.
Plans for Expansion
Looking ahead, Deep Algorithm Solutions plans to strengthen its sales presence in key banking, financial services, and insurance (BFSI) hubs like Mumbai and Bengaluru.
Pursuing International Opportunities
The company is also in talks with potential clients in Kenya, South Africa, and the UAE, reflecting its ambition to extend its reach beyond Indian borders.
Building Strategic Partnerships
In a bid to amplify its market presence, Deep Algorithm Solutions is actively building channel partnerships with system integrators and cloud marketplaces, enhancing their network and outreach.
Commitment to Innovation
Deep Algorithm Solutions remains focused on innovation in the cybersecurity space, driven by the need for robust solutions in a digital era increasingly plagued by fraud and cyber threats.
Conclusion
As Deep Algorithm Solutions continues to innovate and expand, its commitment to enhancing cybersecurity in the finance sector will play a pivotal role in shaping the future of digital transactions. The firm’s unique approach, integrating behavioral AI with practical application, positions it as a formidable player in the ongoing battle against fraud.
Questions and Answers
1. What is Deep Algorithm Solutions focused on?
Deep Algorithm Solutions specializes in cybersecurity and AI, particularly in fraud prevention within digital financial systems.
2. What notable products does the company offer?
The company offers platforms such as adapIDAI, which uses behavioral intelligence for identity security, and BotShield, which protects against various cyber threats.
3. How much funding has Deep Algorithm Solutions raised?
They have raised Rs 10.8 crore in their first seed round from Unicorn India Ventures.
4. Where has their technology been deployed?
Their applications have been deployed at DCB Bank and the National Capital Region Transport Corporation (NCRTC).
5>What are the company’s future expansion plans?
The company plans to expand its presence in BFSI hubs like Mumbai and Bengaluru and is also exploring international opportunities in markets like Kenya, South Africa, and the UAE.
