Edinburgh-based fraud detection platform Pasabi, has secured a multi-million-dollar investment deal to fund the company’s global expansion.

The firm, co-founded by entrepreneurs Chris Downie and Martin Spinks, will use the investment to open a series of business hubs in the US, UK and Portugal.

It will use the funding to hire specialist staff across key functions of engineering, product development, sales, and marketing.

Pasabi will also develop and launch a new version of its product on AWS Marketplace.

The funding – reported to be $3m (£2.4m) – was provided by global technology consultancy VeUP, as part of the company’s €100m growth fund which is designed to support high potential Independent Software Vendors (ISVs) using Amazon Web Services.

Chris Downie, CEO and co-founder, Pasabi said: “These are incredibly exciting times for Pasabi, and this investment will allow us to turbocharge our offering, expanding our reach in the fast-growing trust and safety software market at a time when fraud attacks and fake reviews are wreaking havoc online.

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“In the era of generative AI, people will no longer be able to rely on the authenticity of the content they consume. Only solutions like Pasabi’s, that focus on behaviours over content to detect bad actors, will allow platforms to provide safe environments for their users.”

Alexander Dick, executive chairman of VeUP, said: “Pasabi is a powerhouse of technology innovation and the company’s unrivalled solution is set to make waves in the trust and safety software market.

“We are very excited to announce this new investment partnership and look forward to working closely with Chris and the Pasabi team to accelerate the company’s global expansion.”

Pasabi’s solution uses AI-powered behavioural analytics to tackle online fraudulent behaviour and identify fake reviews.

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