Tech Funding Recap for April 19, 2021

Technology has gone far in making the world a more convenient place to live in, and it shows no signs of stopping. Tech-based companies are keeping up by raising funds to develop new products and make improvements to existing products.

Bolt and Verge Sense are two companies on the cutting edge that have recently closed funding campaigns that are helping them move forward. Read on to find out about their efforts.

Bolt

The pandemic has helped the e-commerce industry to grow in leaps and bounds. The downside is that it has also increased the occurrence of fraud that is likely to happen on online platforms. Bolt presents a solution with a machine learning system that fights e-commerce fraud.

The San Francisco-based company provides tools that streamline website transactions. They started out with systems revolving around currency in online checkouts but shifted their focus due to the prevalence of online fraud. Their current platform integrates with platforms like Shopify, Magento, Woocommerce, Salesforce, Commerce Cloud, and BigCommerce via their fraud detection system.

The system works by capturing mouse pointer locations, accuracies, typing speeds, copy and pasting behaviors, cart and checkout behavior. It uses machine learning algorithms to analyze variables in each transaction. Customers who seem suspicious are prompted for additional information before they can complete their orders.

In addition to being effective, the system is also ten times faster than their competitors as customers are not required to enter as much information before making a purchase.

Bolt recently announced the closing of a $75 million funding round which came in after a successful year in retail transactions.

VergeSense

Now that we are seeing a light at the end of the coronavirus pandemic tunnel, many employers are looking to bring their workers back into the office. VergeSense is making the process more convenient with their proprietary deep learning sensors that provide analytics as to how physical office space is being used. This will help control capacity and minimize overcrowding

VergeSense was founded in San Francisco in 2017 and is known for developing hardware and software to capture key data across the physical work space. Their system relies on sensors that detect motion, people, and objects. This is transformed into data that allows customers to understand what spaces are being used, when they are being used and by how many people.

The system uses a convolutional neural network (CNN), along with patented deep learning algorithms to determine how a room is being occupied. It then creates a mesh network so the sensors in the building can communicate with one another. It can be used wired or wirelessly and it is a convenient tool for businesses and building owners looking to adapt their spaces according to how they are being used.

VergeSense recently announced the closing of a $12 million B round funding campaign which will help the company further develop their technology. They have seen substantial growth in 2020 and they are expected to continue on that trajectory as more businesses welcome workers into the office in 2021.