TrackLight, a trailblazer in AI-driven fraud detection and prevention, has launched its innovative platform aimed at combatting fraud across government and corporate sectors. The company also announced a significant milestone with a $3 million Seed funding round led by BarronKent and Growth Factory. This investment is set to accelerate TrackLight’s platform development, sales initiatives, and marketing efforts.
David Peregrine, Managing Director at BarronKent, expressed enthusiasm about TrackLight’s pioneering approach: “We are thrilled to invest in TrackLight, whose AI-driven approach is setting a new standard in fraud prevention. The impressive results they have demonstrated for customers highlight the significant impact they are poised to make in the private and public sectors.”
Rick Spencer, Managing Partner at Growth Factory, echoed this sentiment: “TrackLight is leading a major shift in the fraud detection and prevention industry. Their innovative use of AI to identify and address fraud before it happens is truly groundbreaking. We are excited to support TrackLight’s mission to bring unprecedented effectiveness and efficiency to this area.”
Co-founded by industry veterans Greg Loos and Linda Miller, TrackLight aims to disrupt traditional fraud detection methods by leveraging advanced AI technologies. Greg Loos, CEO of TrackLight, emphasized the company’s mission: “As a taxpayer, I saw billions lost to fraud without recovery. This drove me to return to the industry, using AI breakthroughs to create a platform that solves the fraud problem proactively.”
TrackLight’s platform utilizes specialized AI models developed by a team with over 150 years of combined expertise, backed by a comprehensive library of 3,000 fraud schemes and billions of open-source intelligence records. Initial testing showed a high probability of fraud in 10.4% of government payments scrutinized, highlighting the platform’s efficacy.
“Our mission is to protect taxpayer dollars while ensuring efficient government service delivery,” said Linda Miller, co-founder and Chief Growth Officer of TrackLight. “TrackLight’s deep understanding of fraud combined with AI innovation positions us as a game-changer.”
In addition to securing funding, TrackLight has made strategic hires, including Chief Data Scientist Erik Halvorson and Chief Revenue Officer Clint Eisenhower. The company has also joined NVIDIA’s Inception Program, receiving a $100,000 grant to advance its AI capabilities. tracklight.ai.
Editorial Opinion:
TrackLight emerges as a transformative force in the realm of fraud prevention, leveraging cutting-edge AI technology to pioneer proactive solutions that promise to reshape how organizations safeguard against financial misconduct. With a solid foundation built on decades of collective expertise in fraud detection, co-founders Greg Loos and Linda Miller bring a wealth of experience and a steadfast commitment to combatting fraud effectively. The recent $3 million Seed funding round led by BarronKent and Growth Factory not only underscores investor confidence but also propels TrackLight towards expanding its platform capabilities and market reach. By integrating AI models trained on a vast repository of fraud schemes and open-source intelligence, TrackLight demonstrates unparalleled potential in preemptively identifying and mitigating fraudulent activities across diverse sectors. The company’s strategic partnerships, including acceptance into NVIDIA’s Inception Program, further validate its technological prowess and readiness to innovate within the AI ecosystem. As TrackLight continues to attract top talent and scale its operations, under the visionary leadership of CEO Greg Loos, it is poised to set new benchmarks in fraud prevention, offering organizations a sophisticated defense against financial threats while ensuring the efficient allocation of resources and taxpayer dollars.
