WorldWatch Plus, a Kennesaw-based fraud detection startup, secured a $2.9 million Series A funding round led by Naples Technology Ventures with participation from early backers and angel investors.
WorldWatch Plus, founded in 2007, has developed AI and natural language processing that monitors and analyzes risk information from a variety of sources across multiple languages. Its platform identifies people and companies that could be a concern based on each client's risk tolerance. It works with clients in banking, cryptocurrency, corporate compliance and background screening.
"After six years of development and market testing by customers in multiple industries, we are still finding new use cases for our platform solution; we have only scratched the surface of how much risk reduction we can deliver using the platform," WorldWatch co-founder Chuck Papageorgiou said in a news release. As part of the deal, Papageorgiou will become a board member and advisor to the company.
WorldWatch was created by International Screening Solutions, which previously reported raising about $1.8 million in debt funding. The company has offices in Tampa, in addition to its Atlanta area headquarters.
Naples Technologies Ventures General Partner Mike Abbaei said WorldWatch Plus is well-positioned at a time when more companies are looking for AI-powered technologies to improve efficiency.
"We believe the market will continue to see a shift of compliance spending to more advanced AI-driven solutions like WorldWatch Plus as companies, beyond financial institutions, consumer reporting agencies, and online gaming companies increase their compliance efforts and look to efficiently and cost effectively reduce their risk profile," he said in a news release.
