Thirdwatch

Thirdwatch
Private
Industry E-Commerce Cybersecurity
Founded 2016
Headquarters Gurgaon, Haryana, India
Key people
  • Adarsh Jain
  • (Co-founder/CEO)
  • Sashank Agarwal
  • (Co-founder/CTO)
Products Fraud Prevention
Website www.thirdwatch.ai

Thirdwatch is a privately held company that provides software as a service (SaaS) fraud and chargeback prevention technology.[1]

Thirdwatch offers an AI enabled fraud-prevention engine called MITRA which has reduced the Return To Origin (RTO) problem by 80% in e-commerce companies.

History

Thirdwatch was founded in 2016 by co-founders Shashank Agarwal and Adarsh Jain and is based in Gurgaon, India.[2]

Funding

Thirdwatch has secured an undisclosed amount in seed funding from Indian Angel Network, VentureWorks India and Batlivala & Karani Securities in October 2016.[3]

Thirdwatch is the first investment of Rs 450 crore IAN(Indian Angel Network) Fund.[3] The seed round was led by Rahul Agarwalla of the Indian Angel Network. Keshav Sanghi, former managing director of Goldman Sachs India and founder of investment firm VentureWorks India, and financial advisory firm Batlivala & Karani Securities also invested in this round.

Thirdwatch is planning to extend their services in the banking and fintech industry in the next fiscal year.

Technology

Thirdwatch's technology uses behavioral analysis, elastic linking, proxy detection and machine learning to detect and prevent fraud.

Their flagship product MITRA uses ensemble AI models to generate a risk score out of 100 which then classifies a transaction as fraudulent or genuine. Their platform Mitra prevents fraud in digital, banking and e-commerce transactions in real time using AI. The Mitra AI captures 200+ parameters and flags every transaction in real time as red or green. It generates a risk score also which defines riskiness of the transaction.

By superimposing data from their knowledge base and from third party databases, Mitra enhances the data captured from user transaction like zip code databases, ip address databases, mobile number validity databases. In addition they use micro models for address profiling, device signature, account profiling and velocity profiling. Mitra evaluates the whole user behavior including the time taken to place order, the device user is using to order, IP address of user, location of order amongst others.

Awards and recognition

Thirdwatch won the 2018 Tech Rocketship Award (Cybersecurity) for using an innovative approach that uses machine-learning algorithms to detect and prevent online fraud.[4]

References

  1. ↑ Ayyar, Ranjani (10 October 2017). "AI startup ThirdWatch raises angel funding". The Times of India.
  2. ↑ "Indian Angel Network invests in AI start-up ThirdWatch". Business Standard.
  3. 1 2 "Fraud prevention startup ThirdWatch raises seed funding from IAN, others". www.vccircle.com.
  4. ↑ "Thirdwatch Wins At The 4th India-UK TECH Rocketship Awards". inc42.com.
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