Insider Brief
- TrackLight launches an AI-driven fraud detection and prevention platform, securing $3M Seed funding led by BarronKent and Growth Factory.
- The platform identifies high-probability fraud in 10.4% of payments, leveraging AI models with 150 years of expertise and a library of over 3,000 fraud schemes.
- Key hires and partnerships, including acceptance into NVIDIA’s Inception Program, position TrackLight as an industry game-changer in both government and corporate sectors.
PRESS RELEASE — EL DORADO HILLS, Calif./June 24, 2024 — (BUSINESS WIRE) — TrackLight, an innovative leader in AI-assisted fraud detection and prevention, announces the launch of its groundbreaking platform to combat fraud across government and corporate sectors. The company also announced a $3M Seed funding investment, led by BarronKent and Growth Factory, to accelerate TrackLight’s platform development, sales, and marketing efforts.
“TrackLight is leading a major shift in the fraud detection and prevention industry. Their innovative use of AI to identify and address fraud before it happens is truly groundbreaking. We are excited to support TrackLight’s mission to bring unprecedented effectiveness and efficiency to this area. The momentum they’ve built and their potential to transform fraud prevention make them a standout in the market,” said David Peregrine, Managing Director, BarronKent.
“We are thrilled to invest in TrackLight, whose AI-driven approach is setting a new standard in fraud prevention. The impressive results they have demonstrated for customers highlights the significant impact they are poised to make in the private and public sectors,” said Rick Spencer, Managing Partner, Growth Factory.
Co-founded by renowned fraud prevention experts Greg Loos and Linda Miller, TrackLight is poised to disrupt the fraud detection and prevention industry. TrackLight is the first modern fraud detection and prevention solution built to identify fraud before payments are issued.
“Over the course of my career, I’ve seen tens of billions in fraud discovered, but only a fraction of it recovered. As a taxpayer, this doesn’t sit well with me. I made a decision to come back to the fraud-fighting industry to deal with ‘unfinished business,’ applying new breakthroughs in AI technology to create a platform that meaningfully solves the fraud problem,” said Greg Loos, CEO of TrackLight.
TrackLight leverages specialized AI models using machine learning designed by a team boasting a combined 150 years of subject matter expertise. Backed by a library of over 3,000 fraud schemes and capable of scanning billions of open-source intelligence records, TrackLight provides unparalleled insights and specific recommendations to safeguard government programs and corporations against fraud, waste, and abuse.
TrackLight ran $1.1 billion of government awards through its system and initially found high probability fraud in 10.4% of payments.
“We are public servants, driven by our mission to protect taxpayer dollars from fraud while maintaining the quick delivery of needed government services,” said Linda Miller, co-founder and Chief Growth Officer of TrackLight. “Our team’s deep understanding of the fraud landscape, combined with innovative AI technology, positions TrackLight as a game-changer in the industry.”
TrackLight has been operating in stealth mode for a year. Their traction includes a cohort of beta customers actively reviewing the product outputs. The company continued its rapid acceleration, hosting a launch event in May attended by nearly 100 government and private sector fraud experts. Additionally, TrackLight has been accepted into NVIDIA’s Inception Program, receiving a $100,000 grant to test its cutting-edge AI models and opportunities to collaborate with NVIDIA experts.
TrackLight has made a number of key hires including Chief Data Scientist Erik Halvorson, Chief Revenue Officer Clint Eisenhower; Chief Product Officer Amanda D’Amico, Chief of Staff Kira Conte, and Chief Marketing Officer Heather Antoinetti.
About TrackLight
TrackLight provides AI-powered fraud detection and prevention solutions. Our mission is to create a safer, more transparent world by empowering organizations to proactively detect and prevent fraud. The TrackLight Suite includes Due Diligence, Social Network Analysis, Fraud Analytics, and Case Management. Supported by Ray, our AI co-pilot, TrackLight users benefit from reviews of over 1 billion open-source intelligence records and 3,000 fraud schemes.
For more information, visit tracklight.ai.
Contacts
Heather Antoinetti
Chief Marketing Officer
[email protected]
