Trustpilot CTO joins RegTech firm’s board after seed round
Posted on November 25, 2020 by Alistair Hardaker
Business verification platform Detected has completed a £600,000 seed round led by Hong Kong based EmergeVest within just 72 hours.
Stephen Garland, Chief Technology and Product Officer at Trustpilot, has also joined Detected’s advisory board.
Since closing its £250,000 pre-seed in September, Detected has secured committed customers and commercial partners across both corporate businesses and marketplaces.
It plans to launch its AI-powered platform in early December.
Leading its product development has been Peter Youell, Detected’s CTO, who pioneered some of the world’s largest eCommerce projects at Astound Commerce, Oracle and Tryzens.
Detected enables B2B buyers to confirm business identity, location, solvency and credit rating in seconds using thousands of data points. The automated insight is refreshed month after month, eliminating the need for ongoing due diligence.
It said it will use this capital for product development, continued commercialisation and global expansion.
Garland, Chief Technology and Product Officer at Trustpilot and latest board member said: “B2B e-commerce is growing and – in such a dynamic market – automation and efficiency are becoming crucial to the buyer’s journey.
“The question is how to build layers of trust into this. Detected offers a scalable and pragmatic solution, in a very real and growing area of concern for many businesses. I’m excited to have invested and look forward to supporting Liam and his high-calibre team on this important journey.”
Liam Chennells, Chief Executive Officer at Detected added: “To close this round 72 hours after opening it is a pivotal moment for Detected. Particularly as it was led by EmergeVest and included such prominent angel investors.
“It demonstrates how strongly business leaders and marketplace operators feel about the solution Detected has developed and the market that it is disrupting. It also endorses our team’s experience, technology credentials and incredible pre go-live commercial progress.”