Feedzai Achieves Profitability with Application Focus
FeedZai startup, created as a result of the Carnegie Mellon Portugal Program, funded by the Fundação para a Ciência e a Tecnologia (FCT), achieved profitability 18 months after its first product availability. FeedZai’s new Fraud Prevention software protects over $85B in electronic payments per year for Global 2000 customers.
Paulo Marques and Pedro Bizarro, two faculty members of the Faculdade de Ciências e Tecnologia da Universidade de Coimbra (FCTUC), and Nuno Sebastião, product manager at the European Space Agency (ESA), embarked on the adventure to create this startup specialized in processing large volumes of data with low-latency producing actionable information in real-time.
The company credits its rapid success to its “early focus on big data analytics applications, unlike other big data start-ups that sell big data tools and platform technology and have yet to approach break-even," states the press release.
FeedZai, headquartered in Coimbra, Portugal, launched FeedZai North America in Redwood City, California, as a wholly owned business to spearhead FeedZai’s expansion into North America. Nuno Sebastiao, CEO of FeedZai, has relocated from Portugal to the United States to build his US team with new hires across all functions of the business.
This startup also added two new US investors, SAP Ventures and Data Collective, as part of a $2.4M investment. These funds add to an initial May 2011 investment round of $1.9M from leading European investors, Novabase Capital, Espirito Santo Ventures and EDP Ventures.
First Start-up Launched Within the Partnership more