PALO ALTO, CA -- (Marketwire) -- 06/06/11 -- Silver Tail Systems, Inc., the leading provider of predictive analytics for detection and prevention of fraud and abuse for some of the world's leading websites, today announced it has completed a new round of Series B funding of approximately $20M, led by Andreessen Horowitz. Existing investors Leapfrog Ventures, Seraph Group, and Startup Capital Ventures also participated in the round. Scott Weiss, General Partner of Andreessen Horowitz, has joined Silver Tail System's Board of Directors. Andreessen Horowitz is known for igniting Silicon Valley's latest Web boom and targeting companies with potential star power.
"Cybercrime today is what spam was ten years ago and there is incredible market opportunity for Silver Tail Systems' fraud and detection prevention technology as a result. The market is being driven by a combination of increasingly sophisticated attacks as well as more stringent regulations by groups such as the FFIEC and PCI DSS," said Scott Weiss. "Silver Tail Systems unique predictive analytics technology allows their customers to discover and halt attacks in real time that previously were undetectable."
"The global market demand for web fraud detection is astounding -- cyberattacks are increasingly more sophisticated and 2010 saw more data breaches than ever before.(1) The ability to understand and defend web properties is critical for today's CIOs and the need for our technology has soared as a result," commented Timothy Eades, CEO of Silver Tail Systems. "Our success reflects this surge in the market, and since our first customer deployment in May 2010, we have grown considerably to support some of the world's leading websites."
Silver Tail Systems monitors more than 750 million users and more than 1.8 billion web sessions per year through online banks in EMEA and the US, online payment providers, billion dollar e-commerce sites, and government websites, among others.
The company's on-premise and Software-as-a-Service deployments have identified a recent increase in Man in the Middle attacks on e-commerce websites, Man in the Browser attacks on North America financial websites, data scraping -- from price lists to customer information, and many other types of attacks.
"Andreessen Horowitz, one of the industry's venture capital powerhouses, has invested in Silver Tail Systems as a result of the value they see in our technology and vision," continued Eades. "We have achieved amazing results to date and because of the growing diversity of online attacks and targets, we are confident that we will continue to accelerate our growth, exceed customer expectations and make groundbreaking progress in the fraud prevention market."
About Silver Tail Systems, Inc.
Silver Tail Systems is the leading provider of predictive analytics for detection and prevention of fraud and abuse to some of the leading websites in the world. The company offers the industry's most comprehensive suite of fraud detection and mitigation solutions. Serving some of the world's largest financial institutions and e-commerce companies, Silver Tail Systems' award-winning solutions are made possible by the unmatched expertise of its management and technology teams, who bring deep experience, know-how and personal commitment to protect their customers' businesses against online fraud. For more information, visit Silver Tail Systems at www.silvertailsystems.com.
(1) Verizon, "2011 Data Breach Investigations Report," April 2011.