Microsoft M12 is among the investors in nsKnox, an anti-cyberfraud startup based in Boston and Tel Aviv. The company closed its $15 million series A funding round and also saw investments from Viola Ventures.
nsKnox describes its product as ‘the most powerful payments protection out there'. It analyses the data in payment files to detect, block, and alert corporations of fraud in real-time.
“The funding will enable nsKnox to expand its global customer base and to further develop its corporate payment protection platform – helping to ensure verified and secure business transactions, mitigate reputational risk and prevent billions in corporate losses,” said the company in a press release.
According to nsKnox, 78% of companies were victims of payment fraud in 2017, so preventing those instances is likely to be lucrative. The Boston firm believes its Cooperative Cyber Security solution is ‘impenetrable', combining solutions from several organizations with strong cryptography.
Microsoft appears to concur with the strength of the solution, Principal lead Lior Litwak saying:
“The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behavior, which costs corporations significant amounts of money every year. nsKnox's corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats. We look forward to being a part of nsKnox's journey as they grow and expand.”
This is just one of many security investments Microsoft has made in recent months. It joined in funding for HYAS in August 2018 and Fintech company BlueVine in July. Microsoft M12 was previously known as Microsoft Ventures but rebranded to avoid confusion.