Detected Raises £250,000 to Eliminate Fraud Across B2B E-commerce
- E-Commerce , Investment , Fraud Detection
- 19.10.2020 11:44 am
Detected, the world’s first agnostic business verification platform, has closed its pre-seed funding round at £250,000. This first tranche has been raised from a number of prominent angel investors within the founding team’s network. Participants include:
- Rob Barnett - Former COO at RBS and current Managing Director of Southern Water
- Craig Sears-Black - Former MD of Manhattan Associates, current CEO of EV Cargo
- Carl Hartmann - Former Co-Founder and CEO of Temando, now Lyre’s Spirit Co. Co-Founder
Other investors include the former Managing Director of Citigroup as well as strategic partners in Europe, Middle East and APAC.
Rob Barnett said: “Detected delivers a pragmatic, quality solution to a real business issue. I am excited to have invested in this and the management team. Liam has secured a group of high-quality investors and I look forward to supporting this exciting new company as it grows.”
Craig Sears-Black said: “I am pleased to invest with Liam and the Detected team to support them on their journey. It is a proven team that has identified the route to solving a real and growing business problem that’s affecting B2B markets globally.”
Liam Chennells, Chief Executive Officer at Detected, said: “I am proud of what this group of people have achieved in such a short space of time, and all during a global pandemic. On the day we founded our company, we set our sights on the ambition that Detected would be involved in more than 50% of all B2B transactions by 2024. We have the team, technology and the early investors to continue our momentum towards that goal.”
Detected enables B2B buyers and sellers to trade with confidence. Platform and marketplace agnostic, Detected uses thousands of data points to confirm a buyer or seller’s identity, location, solvency and capability in seconds. This automated insight is refreshed month after month, eliminating the need for ongoing time-consuming and manual due diligence.
Detected builds trust between trading partners, solving the impatience conundrum associated with due diligence, and simplifying cross border trade. The company’s platform seamlessly integrates into any existing marketplace, business process or procurement system.
Peter Youell, Chief Technology Officer at Detected, said: “Our scalable platform is primed for rapid commercialisation and this funding will drive our growth. The pandemic has unleashed a surge of businesses procuring services, solutions and products online and now more than ever it’s vital for B2B buyers and sellers to have the data and insight required to trade safely and confidently.”
This first wave of funding will be used to further develop Detected’s platform ahead of its impending launch in December. Committed customers range from B2B marketplaces and B2B marketplace software providers through to FTSE listed corporate entities.
Detected was founded during the pandemic. At the time, Liam Chennells and Nathan Kelleher were helping companies overcome issues with their supply chain infrastructure, using their contacts and networks to source planes and boats to keep medical equipment and PPE moving around the world. As they helped buyers and sellers, the team encountered countless unscrupulous parties and cases of fraud. Detected is their solution.