Tel Aviv-based startup Memcyco has recently secured $10 million in seed funding from two venture capital firms, Capri Ventures and Venture Guides. The company offers tools to provide businesses with protection from website impersonation, also known as ‘brandjacking’.
Their digital watermark technology can be added to sites so that visitors can be certain they are visiting an authentic online store or other internet resource. Furthermore, the service offers back-end tools that can watch out for brand impersonations in real time.
The idea behind Memcyco was borne out of the need for businesses to invest heavily in identity management and security. The company founders, CEO Israel Mazin and COO Gideon Hazam, both have extensive backgrounds in software and startups, having been behind the success of Memco in the 1990s. In addition, Mashiah CTO Eli also provides expertise as a Memcyco co-founder.
The service allows businesses to monitor and defend against brand impersonation by adding a few lines of code to their websites. Memcyco also has a proactive stance in regards to brandjacking and phishing scams. Their AI algorithm is able to detect suspicious behaviour and protect against fraud before it arises.
The company is already being used by several large e-commerce sites and financial institutions. The new funding is being used to improve their products, grow their customer base, and develop their go-to-market capabilities.
Memcyco is committed to providing businesses and users with a secure online experience. By monitoring for brandjacking and phishing attempts, the company is ensuring trust and loyalty between businesses and their customers.
