New eCommerce RegTech raises £250K ahead of launch
Posted on October 19, 2020 by Alistair Hardaker
UK start-up Detected, which calls itself an agnostic business verification platform, has closed its pre-seed funding round at £250,000.
This first tranche of funding has been raised from angel investors including Rob Barnett, former COO at RBS and current Managing Director of Southern Water; Craig Sears-Black, former MD of Manhattan Associates and current CEO of EV Cargo, and Carl Hartmann, former co-founder and CEO of Temando, now Lyre’s Spirit Co.
Other investors include the former Managing Director of Citigroup as well as strategic partners in Europe, Middle East and APAC.
The first wave of funding will be used to further develop the Hertfordshire-based firm’s platform ahead of a 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 unscrupulous parties and cases of fraud.
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.”
Detected uses thousands of data points to automatically confirm a buyer or seller’s identity, location, solvency and capability. The company’s platform integrates into existing marketplaces, 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.”