Innerworks, a London-based cybersecurity startup, has raised $4M (~€3.4M) in seed funding to expand its fight against AI-powered fraud, bots, and sanctioned actors.
The round was led by AlbionVC, with participation from Digital Currency Group, Founders Capital, Firestreak Ventures (Walter Kortschak), NVTBL Ventures, Metaversal Ventures, and Crypto.com (Cronos), alongside executives from Citi, UBS, Coinbase, Checkout.com, and Apple.
Founded by Oliver Quie, Oscar Hayek, and Tom Ryan, Innerworks has developed Synthetic Threat Intelligence, a suite of detection tools that outperform market leaders in identifying sophisticated fraud and automated attacks. Its RedTeam platform provides continuous adversarial training, ensuring its models adapt to evolving AI-driven threats.
Reimagining fraud detection for the AI era
Unlike traditional fraud tools, Innerworks focuses on deception that mimics legitimate users. Its platform integrates with apps and websites in just a few lines of code, providing bot detection, device fingerprinting, and geolocation intelligence with a 97% detection rate against advanced AI threats.
Early adopters include Crypto.com, Zero Shadow (investigating the $1.5B ByBit hack), and a major payments network serving over 150M users.
Cat McDonald, Partner at AlbionVC, said:
“Innerworks isn’t incrementally improving fraud detection — they’re fundamentally reimagining it. Their ability to catch what others miss represents an essential new layer of security for global finance.”
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Scaling global financial protection
The company will use the funds to accelerate product development, expand the RedTeam ecosystem, and build strategic partnerships with tier-one financial institutions. With headquarters in London, Innerworks aims to establish itself as core internet security infrastructure, protecting payment and digital asset ecosystems worldwide.
CEO Oliver Quie added:
“AI-powered deception is now so advanced it can mimic legitimate users with frightening accuracy. Our mission is to defend against these threats at scale, helping the financial sector and the wider internet stay secure.”
