Innerworks Raises €3.7M to Fight AI Fraud
Cybersecurity company Innerworks has raised €3.7 million ($4 million) in seed funding to develop its Synthetic Threat Intelligence technology. This innovative solution specifically targets sophisticated AI-driven fraud and cyberattacks that traditional security systems often miss.
Diverse Investor Consortium Signals Industry Concern
The investment round was led by AlbionVC with participation from multiple prominent investors. These included Digital Currency Group, Founders Capital, Firestreak Ventures, NVTBL Ventures, and Metaversal Ventures. Additionally, senior executives from major institutions including Citi, UBS, Coinbase, Checkout.com, Apple, and Crypto.com joined the round. This diverse backing reflects growing cross-industry concern about AI-powered fraud threats.
Proven Technology With Impressive Accuracy
Founded in 2020 by Oliver Quie, Oscar Hayek, and Tom Ryan, Innerworks has developed a security platform with remarkable detection capabilities. The system identifies synthetic, AI-generated interactions with 97% accuracy. It has already been deployed in national infrastructure defense projects and major digital asset platforms. Notably, the technology has assisted investigations into some of the world’s largest cryptocurrency breaches.
Addressing a Growing Threat Landscape
The company plans to use the new funding to scale its platform and expand its reach. Innerworks describes itself as the “immune system for the internet,” aiming to secure digital ecosystems against increasingly sophisticated AI-powered deception. The timing is critical considering recent cybercrime statistics: bot-driven attacks caused €184 billion in losses in 2024 alone, while deepfake-driven fraud has surged by over 2,000% since 2022.
Innovative Defense Methodology
A key differentiator is Innerworks’ RedTeam program, which recruits ethical hackers and AI agents to stress-test the system. This approach provides real-world data for continuously strengthening defenses. The platform integrates seamlessly into client applications with minimal code requirements and operates invisibly in the background. In one significant case, the technology uncovered activity linked to a €1.38 billion hack connected to North Korean actors.
Leadership Vision and Industry Positioning
CEO Oliver Quie emphasized that traditional security firms often fail because they assume threats behave differently than genuine users. By contrast, Innerworks’ Synthetic Threat Intelligence approach identifies threats by mimicking and outsmarting malicious AI itself. Having proven its effectiveness alongside major global brands, the company is positioning itself as essential cybersecurity infrastructure for the future internet. This funding will accelerate their mission to create stronger defenses against the next generation of cyberattacks.
