Innerworks, a London-based cybersecurity startup pioneering Artificial Risk Intelligence, has introduced a €3.7 million ($4 million) seed funding spherical to develop its AI-powered fraud detection platform. Led by AlbionVC, the spherical additionally noticed participation from Digital Foreign money Group, Founders Capital, Firestreak Ventures (Walter Kortschak), NVTBL Ventures, Metaversal Ventures, and executives from Citi, UBS, Coinbase, Checkout.com, Apple, and Crypto.com (Cronos).
Based by Oliver Quie (CEO), Oscar Hayek (CTO), and Tom Ryan (Chief Product Officer), Innerworks has developed a safety platform able to figuring out AI-generated artificial interactions with a powerful 97% accuracy fee. The startup has already confirmed its know-how in high-stakes eventualities, together with the defence of nationwide infrastructure, partnerships with main digital asset platforms, and investigations into the most important cryptocurrency hacks in historical past.
“We’re going through AI-powered deception that may mimic reputable customers with horrifying accuracy. Present safety corporations have develop into out of date as a result of they assume threats will behave in a different way than reputable customers. Our platform solves this drawback utilizing Artificial Risk Intelligence and decentralised coaching to defend towards even probably the most refined AI-based assaults,” mentioned Oliver Quie, CEO of Innerworks.
In 2024 alone, practically €184 billion was misplaced to bot-related assaults. Nearly all of web site visitors is now pushed by automation instruments quite than human customers, with fraud makes an attempt utilizing deepfakes rising by over 2,000% since 2022. Innerworks’ platform distinguishes genuine human behaviour from near-flawless AI imitations, providing what it calls the web’s immune system.
Central to Innerworks’ providing is RedTeam, a crypto-bounty programme that enlists moral hackers and AI brokers from across the globe to stress-test the system and expose vulnerabilities. This strategy supplies dynamic, real-world information to strengthen the platform’s defences.
The know-how integrates seamlessly into consumer functions with minimal code, operating silently within the background. Already adopted by main digital belongings and funds corporations, Innerworks’ system has been deployed to detect malicious exercise linked to a €1.38 billion* hack orchestrated by North Korean operatives.
“Having now confirmed our strategy alongside world manufacturers, we really feel Innerworks is well-positioned to develop into core safety infrastructure for the broader web, serving to to guard person ecosystems on-line,” added Oliver Quie.
The seed funding will help the growth of Innerworks’ platform capabilities, notably round adversarial AI coaching, and speed up its world attain. The corporate additionally goals to determine new partnerships with top-tier monetary establishments working to counteract rising artificial threats.
“We invested in Innerworks as a result of they’re not incrementally bettering fraud detection, they’re basically reimagining it. Their potential to detect what different methods miss represents an important new safety layer for the monetary sector’s response to this new menace panorama,” mentioned Cat Mcdonald, Associate at AlbionVC.
