ROCKY HILL, Conn., June 13, 2018 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies, announced that Paygilant, an Israel-based fraud protection company for mobile payments, has been selected as the recipient of the early-decision award for VentureClash 2018. The inaugural award allows Paygilant to move directly to the semifinalist round of the challenge.
To be considered for this award, candidates had to submit their first-round application by the April 15 early-decision deadline. Additionally, applicants had to meet all other criteria for the competition. The early-decision award winners also gain access to the second-round application weeks before all other applicants.
"This year, we launched the early-decision award to highlight a company that we identify early in the process to show real potential," said Matt McCooe, CEO of Connecticut Innovations. "After taking a closer look at Paygilant, we're thrilled to have them in the competition, and we look forward to learning more about them throughout the process."
"We are honored to be included in the VentureClash 2018 challenge," said Ziv Cohen, CEO of Paygilant. "Our solution helps organizations control risk, minimize friction and reduce fraud with their mobile channels. With Paygilant, financial institutions, e-commerce organizations and e-wallet providers are better situated to capture revenue opportunities and compete more effectively in the marketplace."
VentureClash is Connecticut's $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things. Applications for the first round of VentureClash 2018 close Friday, June 8.
For more information on qualifications, requirements, guidelines and application, visit https://ventureclash.com.
Managed by Connecticut Innovations, VentureClash is Connecticut's global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at https://ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit http://ctinnovations.com.
Founded in 2014, Paygilant works with all payments ecosystem stakeholders to detect and prevent mobile payments fraud. Utilizing patent-pending technology, Paygilant's detection models run on-device or in the cloud, making contactless and mobile payments easy and secure, increasing customer loyalty and reducing friction. Paygilant's advanced algorithms combine deep inspection of the mobile device with analysis of historical data patterns to detect new account fraud, transaction fraud and account takeover schemes.
Paygilant is the recipient of an EU Commission Horizon 2020 grant, and an alumnus of the Citi Innovation Lab, IBM Alpha Zone and MasterCard Challenge. http://www.paygilant.com
SOURCE Connecticut Innovations, Incorporated