Goldman Sachs Merchant Banking Division (MBD) and ClearSky Cyber Security have invested an undisclosed amount in the cybersecurity startup White Ops.
The investment will help the startup accelerate its growth and expand its footprint in global markets.
White Ops protects enterprises from bot attacks and fraud across cybersecurity, digital advertising, and marketing domains.
White Ops’ Bot Mitigation Platform (BMP) ensures application, advertising and marketing integrity for enterprises.
This helps prevent fraud and abuse of applications, online media and marketing channels across the Internet.
The cybersecurity firm verifies more than 5 trillion human interactions per week across the Internet, such as on ads, to prevent fraud and bot attacks.
White Ops co-founder and CEO Tamer Hassan said: “Goldman Sachs and ClearSky are ideal partners to support our growth across multiple markets, use cases and geographies.”
Bad actors with sophisticated bots at their disposal are said to cost companies around the world tens of billions of dollars in fraud each year.
These bots are difficult to detect as they sit on consumer and enterprise devices, share browsing history and habits with real humans.
However, White Ops’ multi-layered detection methodology, algorithm and a research team can help detect and prevent these bots attacks.
Goldman Sachs managing director Anthony Arnold said: “White Ops is a gold standard in bot detection and mitigation and we’re delighted to be able to partner with them, especially at a time when levels of cybercrime are increasing significantly, there is an accelerated shift to digital, and the Company has seen a meaningful increase in the demand for their services.
ClearSky Managing Partner Jay Leek said: “As bot-based fraud becomes increasingly prevalent across the internet, enterprises and internet platforms require sophisticated threat protection now more than ever.”