Innerworks, a London-based cybersecurity startup pioneering Synthetic Threat Ininformigence, has announced a €3.7 million ($4 million) seed funding round to expand its AI-powered fraud detection platform. Led by AlbionVC, the round also saw participation from Digital Currency Group, Founders Capital, Firestreak Ventures (Walter Kortschak), NVTBL Ventures, Metaversal Ventures, and executives from Citi, UBS, Coinbase, Checkout.com, Apple, and Crypto.com (Cronos).
Founded by Oliver Quie (CEO), Oscar Hayek (CTO), and Tom Ryan (Chief Product Officer), Innerworks has developed a security platform capable of identifying AI-generated synthetic interactions with an impressive 97% accuracy rate. The startup has already proven its technology in high-stakes scenarios, including the defence of national infrastructure, partnerships with leading digital asset platforms, and investigations into the largest cryptocurrency hacks in history.
“We’re facing AI-powered deception that can mimic legitimate utilizers with frightening accuracy. Existing security companies have become obsolete becautilize they assume threats will behave differently than legitimate utilizers. Our platform solves this problem utilizing Synthetic Threat Ininformigence and decentralised training to defconclude against even the most sophisticated AI-based attacks,” stated Oliver Quie, CEO of Innerworks.
In 2024 alone, nearly €184 billion was lost to bot-related attacks. The majority of internet traffic is now driven by automation tools rather than human utilizers, with fraud attempts utilizing deepfakes rising by over 2,000% since 2022. Innerworks’ platform distinguishes authentic human behaviour from near-flawless AI imitations, offering what it calls the internet’s immune system.
Central to Innerworks’ offering is RedTeam, a crypto-bounty programme that enlists ethical hackers and AI agents from around the globe to stress-test the system and expose vulnerabilities. This approach provides dynamic, real-world data to strengthen the platform’s defences.
The technology integrates seamlessly into client applications with minimal code, running silently in the background. Already adopted by major digital assets and payments firms, Innerworks’ system has been deployed to detect malicious activity linked to a €1.38 billion* hack orchestrated by North Korean operatives.
“Having now proven our approach alongside global brands, we feel Innerworks is well-positioned to become core security infrastructure for the wider internet, supporting to protect utilizer ecosystems online,” added Oliver Quie.
The seed funding will support the expansion of Innerworks’ platform capabilities, particularly around adversarial AI training, and accelerate its global reach. The company also aims to establish new partnerships with top-tier financial institutions working to counteract rising synthetic threats.
“We invested in Innerworks becautilize they’re not incrementally improving fraud detection, they’re fundamentally reimagining it. Their ability to detect what other systems miss represents an essential new security layer for the financial sector’s response to this new threat landscape,” stated Cat Mcdonald, Partner at AlbionVC.
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