nSure.ai co-founders Alex Zeltcer (left) and Ziv Isaiah. Photo nSure
Israeli startup nSure.ai is a predictive AI fraud protection company. The firm focuses on the unique needs of digital goods retailers. nSure held a seed fundraising round of $6.8 million, led by DisruptiveAI, Phoenix Insurance, Kamet – an AXA backed venture builder, Moneta Seeds and private investors.
The company says that the new funds will go towards further developing nSure.ai’s predictive AI and machine learning algorithms that have “reimagined digital fraud detection,” reducing decline rates by 90% from an industry standard of declining 20% to only 2%.
Founed in 2019 by Alex Zeltcer and Ziv Isaiah, nSure is an AI-based fraud protection solution built for sellers of fraud-attractive goods and services such as gift cards, airline tickets, concert and sports tickets, hotel vouchers, software, games and more. Backed by AXA (the #2 insurance company globally), nSure boasts that the company offers the only chargeback guarantee service designed to meet the unique challenges of fraud-attractive goods, helping retailers reduce decline rates, increase revenue and improve customer satisfaction.
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Tfounders of nSure.ai explain how they experienced first-hand the unique challenges faced by retailers of digital assets. During the first week of operating their online gift card business, 40% of sales were fraudulent, resulting in chargebacks. They turned to leading fraud detection solutions from the physical goods space but soon realized that they did not meet their needs. This led them to develop a platform that focuses specifically on supporting the under-served digital goods sector.
The nSure.ai solution currently monitors and manages millions of transactions every month, and has approved close to $1 billion in volume since going live.
“We are thrilled that our investors have placed their trust in our leadership and confidence in nSure.ai,” said Alex Zeltcer, co-founder and CEO. “This investment enables us to register thousands of new merchants, who can feel confident selling higher-risk digital goods, without accepting fraud as a part of business.”
“We believe that fraud, especially in the booming field of digital goods, can only be fought with top-of-the-line AI technologies,” said Gadi Tirosh, Venture Partner at Disruptive AI. “nSure.ai has both the technology and industry understanding to win this market.”
