Cybersecurity firm White Ops has announced a recent funding round, during which it raised an undisclosed amount to expand its fraud detection capabilities beyond advertising.
Tamer Hassan, CEO and co-founder of White Ops, said over 80% of the company’s roughly 250 clients are in the ad tech space. He told Adweek that White Ops will be taking its core technology and applying it to other sectors.
“The ad fraud that we see is coming from millions of infected devices. The reason that there are millions of infected devices is because there’s money to be made for a variety of use cases,” Hassan said.
“The idea of collective protection—that botnets are platforms for cybercrime, and that we’re addressing multiple use cases—benefits everybody.”
Prior to the funding announcement, White Ops had raised $33 million since its founding in 2012.
Goldman Sachs Merchant Banking Division and ClearSky Security led the funding round. A representative from Goldman Sachs is joining the White Ops board of directors as part of the deal.
White Ops will also use the funding to bolster its international presence, especially in the U.K., Germany, France, Singapore and Japan.
White Ops has shined a light on notable ad fraud schemes like 3ve, a $30 million digital ad fraud network, and Ice Bucket, a bot operation in connected TV that impersonated more than 2 million people. Hassan said White Ops has been investing in its CTV technology over the last couple of years as more fraudsters flow into the emerging space.
“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,” said Anthony Arnold, managing director at Goldman Sachs, in a statement. “We look forward to working with the management team to continue their track record of innovation in this large and fast-growing market.”