TrackLight Raises $3M in Funding to Empower Government Agencies and Enterprises with an AI-Driven Fraud Prevention Solution; Launches AI Co-Pilot Ray the Parrot
24 Junio 2024 - 8:00AM
Business Wire
TrackLight, an innovative leader in AI-assisted fraud detection
and prevention, announces the launch of its groundbreaking platform
to combat fraud across government and corporate sectors. The
company also announced a $3M Seed funding investment, led by
BarronKent and Growth Factory, to accelerate TrackLight’s platform
development, sales, and marketing efforts.
“TrackLight is leading a major shift in the fraud detection and
prevention industry. Their innovative use of AI to identify and
address fraud before it happens is truly groundbreaking. We are
excited to support TrackLight’s mission to bring unprecedented
effectiveness and efficiency to this area. The momentum they’ve
built and their potential to transform fraud prevention make them a
standout in the market,” said David Peregrine, Managing Director,
BarronKent.
“We are thrilled to invest in TrackLight, whose AI-driven
approach is setting a new standard in fraud prevention. The
impressive results they have demonstrated for customers highlights
the significant impact they are poised to make in the private and
public sectors,” said Rick Spencer, Managing Partner, Growth
Factory.
Co-founded by renowned fraud prevention experts Greg Loos and
Linda Miller, TrackLight is poised to disrupt the fraud detection
and prevention industry. TrackLight is the first modern fraud
detection and prevention solution built to identify fraud before
payments are issued.
“Over the course of my career, I’ve seen tens of billions in
fraud discovered, but only a fraction of it recovered. As a
taxpayer, this doesn’t sit well with me. I made a decision to come
back to the fraud-fighting industry to deal with 'unfinished
business,' applying new breakthroughs in AI technology to create a
platform that meaningfully solves the fraud problem," said Greg
Loos, CEO of TrackLight.
TrackLight leverages specialized AI models using machine
learning designed by a team boasting a combined 150 years of
subject matter expertise. Backed by a library of over 3,000 fraud
schemes and capable of scanning billions of open-source
intelligence records, TrackLight provides unparalleled insights and
specific recommendations to safeguard government programs and
corporations against fraud, waste, and abuse.
TrackLight ran $1.1 billion of government awards through its
system and initially found high probability fraud in 10.4% of
payments.
“We are public servants, driven by our mission to protect
taxpayer dollars from fraud while maintaining the quick delivery of
needed government services,” said Linda Miller, co-founder and
Chief Growth Officer of TrackLight. “Our team’s deep understanding
of the fraud landscape, combined with innovative AI technology,
positions TrackLight as a game-changer in the industry.”
TrackLight has been operating in stealth mode for a year. Their
traction includes a cohort of beta customers actively reviewing the
product outputs. The company continued its rapid acceleration,
hosting a launch event in May attended by nearly 100 government and
private sector fraud experts. Additionally, TrackLight has been
accepted into NVIDIA’s Inception Program, receiving a $100,000
grant to test its cutting-edge AI models and opportunities to
collaborate with NVIDIA experts.
TrackLight has made a number of key hires including Chief Data
Scientist Erik Halvorson, Chief Revenue Officer Clint Eisenhower;
Chief Product Officer Amanda D’Amico, Chief of Staff Kira Conte,
and Chief Marketing Officer Heather Antoinetti.
About TrackLight
TrackLight provides AI-powered fraud detection and prevention
solutions. Our mission is to create a safer, more transparent world
by empowering organizations to proactively detect and prevent
fraud. The TrackLight Suite includes Due Diligence, Social Network
Analysis, Fraud Analytics, and Case Management. Supported by Ray,
our AI co-pilot, TrackLight users benefit from reviews of over 1
billion open-source intelligence records and 3,000 fraud
schemes.
For more information, visit tracklight.ai.
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Heather Antoinetti Chief Marketing Officer
marketing@tracklight.ai