Total amount raised
$21 Millions
Latest funding date
07/01/2023
Location
Trustmi has successfully raised $21 million over two funding rounds, with its latest being a Series A round. The company offers an end-to-end payment security solution that helps organizations protect their bottom line by reducing losses caused by cyberattacks, internal collusion, and human mistakes.
Trustmi's platform includes AI-powered business payment security solutions, vendor onboarding, vendor lifecycle management, payment approval workflow, SOX compliance, and a claim fraud engine. Keep reading to explore the intricacies of Trustmi's fundraising journey and the investors backing this innovative platform.
What Is Trustmi?
Trustmi, founded in 2021, is a cybersecurity company based in Tel Aviv, Israel. Specializing in fraud detection and mobile payments, the company employs 11-50 people.
Trustmi's platform leverages Behavioral AI to protect organizations from socially engineered fraud, including phishing and impersonation attacks. Their solutions ensure end-to-end payment security without disrupting legitimate transactions.
How Much Funding Has Trustmi Raised?
- Seed Round
- Amount Raised: $4M
- Date: January 2021
- Lead Investors: Cyberstarts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding aimed to support the initial development and scaling of Trustmi's security solutions.
- Series A
- Amount Raised: $17M
- Date: July 2023
- Lead Investors: Cyberstarts, Zeev Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding was raised to support the launch of Trustmi Certify, a new product aimed at protecting against business payment fraud.
Total Amount Raised: $21M. Current Valuation: Not publicly disclosed.
Key Investors
- Cyberstarts
- Details: Cyberstarts is a venture capital firm specializing in cybersecurity startups. They are known for their deep industry expertise and strong network within the cybersecurity community.
- Investment Focus Areas: Cybersecurity startups, early-stage companies.
- Notable Investments: Wiz, Fireblocks, Axis Security.
- Zeev Ventures
- Details: Zeev Ventures is a venture capital firm led by Oren Zeev, focusing on early-stage investments in technology companies. The firm is known for its hands-on approach and strategic guidance.
- Investment Focus Areas: Technology companies, early-stage investments.
- Notable Investments: Houzz, Audible, Chegg.
- Oren Zeev
- Details: Oren Zeev is a prominent venture capitalist and the founder of Zeev Ventures. He has a strong track record of investing in successful technology startups.
- Investment Focus Areas: Technology companies, early-stage investments.
- Notable Investments: Houzz, Audible, Chegg.
- Chen Amit
- Details: Chen Amit is the co-founder and CEO of Tipalti, a leading fintech company. He is recognized for his expertise in payment solutions and financial technology.
- Investment Focus Areas: Fintech, payment solutions.
- Notable Investments: Tipalti (as a significant player in the fintech space).
- Assaf Rappaport
- Details: Assaf Rappaport is the co-founder and CEO of Wiz, a leading cloud security company. He has a background in cybersecurity and cloud security.
- Investment Focus Areas: Cybersecurity, cloud security.
- Notable Investments: Wiz (as a leading company in cloud security).
What's Next for Trustmi?
Trustmi stands at the cusp of significant growth, with opportunities to expand its client base among Fortune 500 companies and other large organizations. The global need for secure payment systems presents a vast market potential, especially as financial fraud becomes more sophisticated.
Future fundraising rounds seem promising, given the involvement of high-profile investors and the critical nature of Trustmi's solutions. The company is well-positioned to attract further investment to enhance its technology and market reach.
However, Trustmi will need to navigate challenges such as evolving cyber threats and maintaining high-quality service while scaling operations. Staying ahead in the rapidly changing cybersecurity landscape will be crucial for sustained success.
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