RaptorX.ai Secures ₹4 Crore in Pre-Seed Funding to Advance AI-Driven Fraud Prevention
- ByStartupStory | December 2, 2024
Fraud prevention software startup RaptorX.ai has raised ₹4 crore in a pre-seed funding round led by PeakXV Spark, EagleWings Ventures, and Point One Capital, along with participation from marquee investors such as Peyush Bansal, Founder & CEO of Lenskart, and Aman Gupta, Co-founder & CMO of Boat. Key senior executives from Google also joined as angel investors in this round.
Founded by Pratyusha Vemuri, RaptorX aims to utilize the funding to strengthen its artificial intelligence (AI) and machine learning (ML) capabilities to tackle fraud in the banking and e-commerce sectors.
“This funding allows us to advance RaptorX’s team and capabilities to help businesses uncover unknown fraud patterns, minimize losses, and create trust with their customers. Our mission is to provide a proactive, AI-driven fraud prevention platform that transforms how industries manage risk,” said Pratyusha Vemuri, CEO of RaptorX.
The startup plans to expand its team by hiring key talent aligned with its mission and culture. Additionally, the funds will be used to improve integration with payment gateways, e-commerce platforms, and banking systems. RaptorX will also focus on enhancing customer onboarding, training, and support to encourage user adoption.
RaptorX operates at the intersection of Fintech, Regtech, E-commerce, and Artificial Intelligence, delivering predictive and real-time fraud detection. Its solutions address major challenges such as anti-money laundering (AML) and customer risk intelligence, which are critical for businesses dealing with billions of dollars in financial crimes globally.
RaptorX is poised to develop scalable infrastructure for real-time transaction monitoring and e-commerce fraud prevention. The company is also planning to introduce dedicated AML modules for payment screening and mule detection.
“Just over the last eight months, RaptorX has not only built out an innovative solution, but also has successfully completed POCs for pilot customers in banking and e-commerce. It has built a robust AI framework capable of detecting fraud rings, layered laundering, and collusion networks and has gained significant traction with a strong pipeline of key customers,” said Peyush Bansal, Founder and CEO of Lenskart.
The surge in digital payments has complicated fraud detection, making real-time fraud prevention essential for compliance with stringent regulations like AML, KYC, and transaction monitoring standards.
In the next three years, RaptorX aims to deepen its presence in the Indian and Southeast Asian e-commerce and banking markets. It also plans to launch AI modules targeting return frauds, mule detection, and real-time payment screening.
The company has set a target to scale to ₹200+ crore in annual revenue while expanding to over 50 enterprise customers and handling 1 billion monthly transactions.
The global fraud detection and AML market is projected to exceed $129 billion by 2030, driven by rapid adoption in the banking and e-commerce sectors. RaptorX is well-positioned to tap into this market by offering cutting-edge solutions that transform how businesses manage risks.
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