Pasabi has secured multi-million dollar investment to fund its global expansion plans.
The Edinburgh-based cyber security firm will now use the money to open a series of business hubs in the UK, US and Portugal, as well as hiring specialist staff across engineering, product development, sales and marketing.
Pasabi also plans to develop and launch a new version of its product on the Amazon Web Services (AWS) marketplace.
The funding was provided by global technology consultancy VeUP, as part of the company’s €100m growth fund, which is designed to support independent software vendors using AWS.
Pasabi’s software solution uses behavioural analytics to tackle online fraudulent behaviour and identify fake reviews.
Chris Downie, co-founder and chief executive at 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.
“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 chair 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.”
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