Microsoft’s M12 platform has looked to fintech and security for its most recent investment.
NsKnox, a startup which serves businesses by offering fraud protection on real-rime payments, has been the most recent beneficiary from the tech giant’s venture fund. The company protects corporate payment systems against insider threats, fraud and data manipulation attempts.
The company has raised a total of $15mn in its series A funding round which also included Viola Ventures and Israel Discount Bank.
NsKnox’s CEO, Nir Tenzer, saw the backing as “a tremendous vote of confidence”. He stated: “Businesses are so focused on protecting their data and the identity of their users that they are not doing enough to protect the very lifeblood of the organisation – their money.
“NsKnox is bringing corporate payment protection into the digital age, arming companies in the battle against payment fraud, manipulation and cybercrime.”
Lior Litwak, Principal at M12, said: “The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behaviour, which costs corporations significant amounts of money every year.
“NsKnox’s corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats. We look forward to being part of nsKnox’s journey to grow and expand.”