Cybersecurity Platform ClearTrust Secures $1.9 Million Funding for Expansion Into North American Market
New-age ad tracking and fraud detection platform ClearTrust has made headlines by raising $1.9 million (Rs 15.8 crore) in a pre-Series A funding round led by Ideaspring Capital. Piper Serica Angel Fund and existing investor Alacrity India also participated in the funding round.
As per the startup, the freshly raised funds will be used to expand its operations into North America and invest in research and development in artificial intelligence (AI) and cybersecurity.
ClearTrust | Ad fraud and Invalid Traffic Mitigation
Founded by Deepankar Biswas and Raja TN in 2020, ClearTrust is a cybersecurity platform for Ad fraud and invalid traffic mitigation. ClearTrust, with its products, ClearScan and ClearTrack, helps advertisers, agencies, and networks to achieve a higher return on investment (ROI) on their digital campaigns by strengthening digital ad spend security with maximum accuracy, scale, speed, and flexibility, using its cutting-edge technology in real-time.
The platform scans more than 1 Billion events per day, enabling advertisers, publishers, and ad-tech players to remove fraudulent and fake activity from their campaigns, thereby protecting ad spend and brands’ reputation.
Some of its notable solutions are in the space of Mobile Ad Fraud, Click Fraud, Lead Fraud, AdTech Fraud, Click Spam, and CTV Fraud. It offers security solutions, including precise tracking, traffic scanning, and a real-time dashboard with over 140+ traffic scoring filters, system alerts, and many customer-centric features.
Speaking on the development, Deepankar Biswas, Co-founder and CEO of ClearTrust, highlighted that their startup is about making online advertising safe and trustworthy, also underscoring its ambition to pioneer paradigm shifts, particularly in combating ad fraud.
Biswas added that with a keen focus on expanding into the US market, this funding propels the startup towards innovating and implementing solutions that ensure the integrity and efficiency of online advertising.
Statement from the Investor
Commenting on the development, Naganand Doraswamy, Ideaspring Capital’s managing Partner, highlighted their excitement to have partnered with Deepankar and Raja, co-founders of ClearTrust.
“As digital ad formats evolve and more ads are trading programmatically, fraud detection processes are becoming complex. This results in 23% of all advertising spend being lost to fraud, estimated to reach $170Bn by 2028. Cleartrust’s real-time, scalable cybersecurity platform will mitigate this risk.”
Currently, the ad tracking and fraud detection platform has 34 clients in the US, Israel, India, and Europe. Now, with this funding, the startup wants to be a leader in this segment by targeting a served available market of $10 billion annually. ClearTrust claims to have witnessed a 3X annual growth for the last two years and aims for a yearly revenue of $10 million by 2027.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.