LOS ALTOS, Calif. – Guardian Analytics, a provider of fraud prevention systems for credit unions and banks, yesterday said it raised $9 million in new funding from several investors, including venture funds Sutter Hill Ventures and existing investor Foundation Capital.
"Banks and credit unions are at war with cybercriminals and need solutions that can protect them against ever-evolving threats," said Greg Sands, managing director, Sutter Hill Ventures, who is joining the Guardian Analytics board as part of the investment. "Guardian Analytics is solving this escalating industry problem with a clearly differentiated and proven approach. Their growing customer base is ecstatic with the results and we see 2010 as a breakthrough year for the company."
Guardian Analytics' flagship software, FraudMAP, uses predictive behavioral analytics. Credit union users include Patelco CU and Truliant FCU.
The company said the Series C funding will be used to accelerate product innovation and capitalize on the growing demand for fraud prevention solutions that can protect financial institutions and their customers from today's sophisticated cybercrime.
