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February, 1

DataDome raised $35M in a series B round led by Elephant

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Bot defense startup DataDome today announced it has raised $35 million in a series B round led by Elephant. The company says it will use the funds, which bring its total raised to nearly $40 million, to invest in R&D as it looks to expand its customer base.

Fabien Grenier and Benjamin Fabre cofounded this New York-based bot defense startup. Today it offers an AI-powered software solution to secure marketplaces against fraud. It has become one of the best protective measures to prevent the impacts of account takeover, payment fraud, and web scraping. The system processes over a trillion data pieces from 25 worldwide points of presence.

This bot prevention software solution compares requests to the website, API, and mobile application alongside an in-memory pattern database. It uses a combination of AI to decide whether access to pages is granted.

The algorithms are fine-tuned to attack vectors. It can analyze different requests daily & update them. That way, it helps identify & prevent familiarity with the zero-day threats. DataDome classifies and detects attacks in the dashboard for monitoring and other rumination requirements.

The software solution also offers granular requirements, allowing users to block traffic from countries that do not sell.

DataDome sends real-time notifications through Slack and email in case a site comes under attack. The platform can enrich real-time requests to sites, APIs, and apps with ID tags. So, DataDome enables users to be weekly or daily bot traffic email reports & monitor for false positives.

Grenier has mentioned that the company now owes the current hyper-growth to more than 150 customers. Some recognizable clients are AngelList Talent, Axel Springer, Foot Locker, and Australia Post. They have placed their trust in the company. Grenier also stated that the software solution had offered the required protection services to keep them away from malicious bot traffic & digital fraud. As per expectations, it is anticipated to grab around 60% of online retailers by the end of 2024 for fraud detection. Let’s see what the future holds for DataDome.

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