Risk defense startup SpecTrust is emerging from stealth today with a $4.3 million seed raise and a public launch.
Cyber Mentor Fund led the round, which also included participation from Rally Ventures, SignalFire, Dreamit Ventures and Legion Capital.
SpecTrust aims to “fix the economics of fighting fraud” with a no-code platform that it says cuts 90% of a business’ risk infrastructure spend that responds to threats in “minutes instead of months.”
“In January of 2020, I got a bug in my ear to, instead of an API, build a cloud-based service that handles all this complex orchestration and unifies all this data,” said CEO Nate Kharrl, who co-founded the company with Bryce Verdier and Patrick Chen. “And, it worked. And it worked fast enough that you can’t even tell it’s there doing its work.”
For example, he says, SpecTrust even in its early days was able to pull identity behavior information in seconds.
“Today, it’s more like five and seven milliseconds,” he said. “And, engineers don’t have to lift anything or adjust data models.”
Since the San Jose, California-based startup’s offering is deployed on the internet, between a website or app and its users, an organization gets fraud protection without draining the resources of its engineers, the company says. Founded by a team that ran risk management divisions at eBay and ThreatMetrix, SpecTrust is banking on the fact that companies — especially financial institutions — will be drawn to the flexibility afforded by a no-code offering.