Namogoo raises funding to take on eCommerce malware
Cybersecurity company Namogoo Technologies has raised $8m in a new Series A funding round through which the company intends to enable online retailers to recover lost revenues due to online malware.
Taking the company’s overall funding to $14m, the latest round is expected to enable Namogoo to expand its growth in the US through product development and marketing, while opening its headquarters in Boston.
According to the company, it will address the issue of lost revenues encountered by retailers whose e-commerce websites are flooded with unwanted third-party adverts and links, which drive away potential buyers.
Namogoo claims that its Journey-Hijack Prevention technology platform is designed to identify and ward off unauthorised product ads, which are posted on retailers’ sites by online ‘hawkers’.
Namogoo Technologies co-founder and CEO Chemi Katz said: “The complex and growing issue of Journey Hijacking has an untold impact on the online economy.
“Nearly every major ecommerce site is vulnerable to such threats that severely damage the customer journey, yet so much of this goes undetected.
“With Namogoo, retailers can easily prevent hawkers from disrupting the customer experience, protecting their brand and winning back customers and earnings, while making way for new growth.”
In order to identify and block unwanted material on the sites, the company employs cloud-based software and technologies such as machine learning and big data.
It tracks and analyses online sessions from the server to customers’ browsers.
Led by GreatPoint Ventures, the current investment round includes Blumberg Capital and Inimiti Capital.