Madrid-based cyber security firm buguroo has secured $11 million in Series A funding to bring its deep learning-based online fraud detection and prevention technology to customers in new territories.

Venture capital firms Ten Eleven Ventures and Seaya Ventures led the round, with existing investors Inveready Technology Investment Group and Conexo Ventures also participating.

Currently, buguroo protects over 50 million financial services customers in Europe and Latin America from login to logout. With the new investment, the company will expand its sales and marketing efforts in these regions, as well as in new geographies, with particular focus on the US, UK, France and Germany.

The funding will also be used to accelerate new product developments, including buguroo’s Fraudster Hunter functionality, which identifies and tracks the behavioural patterns of fraudsters and their collaborators to discover victims who are unaware they have been affected by fraud and reveal fraud scenarios.

“We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, founder and chief executive of buguroo.

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