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September 28, 2023

Verisoul raises $3.25M to help businesses conquer fake users

Seed Raise
Henry LeGard
Co-Founder & CEO

Today, we are thrilled to announce our recent Seed raise of $3.25M. With this capital, we will accelerate our ability to make stopping fake users effortless for our customers.This milestone couldn’t have been achieved without our newest investors and partners, including lead BITKRAFT Ventures, King River Capital, Third Prime, HashKey Capital, and Mike Monovoukas (CEO of AcuityMD). We’re also grateful for our earliest investors and customers; thank you for the help and support along our journey.

Businesses face a growing threat from AI, bots, and fraud that today's solutions don't solve

In a world of growing distrust, businesses face the mounting challenge of discerning real users from fake ones. Malicious bots and AI already make up 30% of online traffic; and for some of our customers, they comprise 80%+ of accounts created. With the recent onset of generative AI, this number will only continue to rise.

Over the years, our team has seen this problem first-hand. Our Chief Product Officer, Raine Scott, fought fake users when he ran product & fraud at Ahead Financial (exited). While there, he noticed that existing offerings are designed for companies with large, experienced fraud teams and require months of integration and data science work. Similarly, as the Director of Strategy at leading identity & fraud provider Neustar (acq. by TransUnion), I observed that existing solutions were too expensive, complex, and myopic to serve companies without existing fraud expertise.

This leaves a gap in the market, as nearly every business that interacts with consumers - not just large enterprises - needs to ensure its users are real, unique, and trusted. As Nico Vereecke, our lead Investor at Bitkraft observed:

Verisoul’s platform helps companies stop fake users - effortlessly

We started Verisoul last year to help businesses of all sizes stop fake users without slowing down their teams or growth. Verisoul combines data collection, machine learning models, and workflow creation into a single platform. Customers set up Verisoul in 15 minutes and immediately begin seeing which users are real. With this knowledge, businesses can stop fake users while reducing friction for real users. Today, our customers use Verisoul to:

- Prevent fake and duplicate sign-ups
- Stop automated activity
- Detect account sharing
- Focus their attention on real, high-value users
- Get visibility into their true user metrics

Moreover, our platform improves over time as our built-in AI models adapt to each customer.

Verisoul’s approach resonates with its growing customer base

Since launching our platform publicly just a few months ago, we are already serving customers with millions of combined users and have stopped nearly one million fake accounts. Our platform has become deeply embedded within many of our customers’ day-to-day operations. Jon Brovda, the CEO of GamerGains said:

This Seed Round will accelerate growth

We plan to use the capital to grow faster for our customers. This means accelerating our already ambitious roadmap, expanding our distribution, and growing our team. If you’re interested in being a part of a product-driven startup focused on stopping the dark side of AI, we’re hiring! And if you or your team wants to save months of time and stop fake users in 15 minutes, try Verisoul for free here, and see how our Fake User Prevention Platform can help you.

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Henry LeGard
Co-Founder & CEO
Henry is a co-founder and the CEO at Verisoul. Prior to founding Verisoul, he worked on Fraud & Identity Strategy at Neustar (acq. by TransUnion), was a consultant at Bain & Company, and was the #2 employee at a startup that exited.

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