As it aims to continue helping companies detect and stop fake users, SaaS platform Verisoul has raised $3.25 million in a seed round led by Bitkraft Ventures to not only scale the team but accelerate platform development and distribution.
Verisoul’s ZeroFake platform helps businesses and applications identify trusted users and prevent fake accounts by combining data collection, machine learning analysis and workflows into a single 15-minute integration.
The platform works on web, mobile and gaming platforms such as Unity. Aside from helping businesses identify fake users without impacting user experience, Verisoul also offers Proof of Human, a biometric and zero-knowledge verification solution that can quickly and accurately verify users on their own devices with 1 in 1 billion accuracy.
Detecting fake users
Henry LeGard, CEO and founder of Verisoul says, “Fake users are an economic problem across multiple verticals, and 30% of all online traffic in 2022 was driven by malicious users and bots. Today, companies looking to stop fake accounts and bots aggregate multiple point solutions, build in-house teams and custom models, do frequent manual data reviews, and act on the gathered insights.
“At Verisoul, we package all of this into a single integration, providing an effortless way of knowing whether users are real, unique, and trusted. Customers use our 360-degree intelligence and super-powered AI to make real-time decisions about their users,” added LeGard. “Since launching, some customers have been able to increase their conversion rates by as much as 20% by reducing user friction, all while stopping more fake users.”
Verisoul’s customers include companies from a variety of industries, such as gaming, SaaS, market research, entertainment, and social/dating platforms. Some customers use it to protect their SaaS free trial programs from abuse by fake users and bots. It can also be used to guarantee that each survey participant is a unique individual and prevent account sharing.
A safer gaming environment
In the gaming industry, Verisoul’s technology helps to ensure that each user entering an online gaming tournament has a unique account and prevents players from using automated bots in-game to cheat.
Nico Vereecke, Investor at Bitkraft Ventures said, “As artificial intelligence has advanced and Web3 technologies have emerged, the prevalence and sophistication of botting in online games and virtual worlds have increased, making botting activities more profitable. This has detrimental effects on the gaming experience, undermines the integrity of gaming environments, fosters unfair competition, and devalues the efforts of legitimate players.
“We are proud to invest in Verisoul, a team founded by identity, fraud, and banking security experts, to ensure the preservation of fair play and overall safer gaming environments in a rapidly changing digital landscape,” Vereecke added.
Verisoul’s seed round also received participation from King River, Third Prime, Hashkey, and CEO of AcuityMD, Mike Monovoukas.