CT Innovations invests $750K in Israeli mobile-fraud protector

Photo | VentureClash Officials from the companies who placed in Connecticut Innovations' 2018 VentureClash competition.

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By Matt Pilon

The state’s quasi-public venture capital arm has finalized an investment in Paygilant, an Israeli company that provides fraud protection technology for mobile payments.

Connecticut Innovations selected Paygilant for early entry into its annual VentureClash $5 million pitch competition last year, when the company was ultimately selected for a $500,000 investment.

However, CI said Wednesday it was encouraged by the company’s successful installations with customers and winning several industry awards, and the agency ultimately decided to invest a higher amount.

“The outlay is part of a larger investment round being raised that will help Paygilant establish its Connecticut-based U.S. headquarters and will be applied toward sales and marketing hires, product development, implementation support and general working capital for operations,” CI said Wednesday.

Paygilant’s technology offering is targeted at financial institutions, ecommerce and other customers.

“Using machine learning algorithms, Paygilant provides ongoing and continuous data analysis ensuring that payments and transactions are approved only for legitimate users,” CI said.

CI’s 2019 VentureClash main event is two weeks away, on Oct. 17 at the Yale West Campus in Orange.