Trustmi Company Profile

Background

Overview

Trustmi is a cybersecurity company specializing in payment security solutions, founded in 2021 by Shai Gabay and Eli Ben Nun. The company is headquartered in New York City, with research and development operations in Tel Aviv, Israel. Trustmi's mission is to eliminate payment fraud and costly errors by bringing intelligence, automation, and trust to every transaction. Its vision is to protect businesses from modern payment fraud by providing real-time verification, AI-driven fraud detection, and full payment visibility.

Industry Significance

In an era where cyberattacks and human errors are prevalent, Trustmi addresses a critical need in the cybersecurity landscape by offering solutions that prevent fraudulent payments before they occur, thereby safeguarding financial transactions across various industries.

Key Strategic Focus

Core Objectives

Trustmi aims to provide comprehensive payment security by integrating seamlessly into existing organizational workflows, enabling businesses to detect and prevent fraud and errors in real-time.

Areas of Specialization

The company specializes in:

Behavioral AI Email Security: Detecting anomalies in emails to prevent phishing attacks.

Payment Security: Securing financial transactions against fraud and errors.

Payment Flows: Monitoring and validating payment processes in real-time.

Vendor Onboarding and Management: Managing vendor risks to avoid compromise attacks.

Key Technologies Utilized

Trustmi leverages behavioral AI to analyze anomalies across emails, financial systems, and controls, identifying socially engineered attacks such as phishing and impersonations. This approach enables the company to monitor transactions and protect against fraud in the B2B payment lifecycle.

Primary Markets Targeted

Trustmi serves a diverse range of industries, including manufacturing, retail, biotech, and financial services, providing tailored solutions to meet the unique needs of each sector.

Financials and Funding

Funding History

Trustmi has raised a total of $21 million across two funding rounds:

Series A Round: In July 2023, the company secured $17 million, led by Cyberstarts and Zeev Ventures.

Seed Round: In June 2021, Trustmi raised an undisclosed amount.

Notable Investors

Key investors include Cyberstarts, Zeev Ventures, Chen Amit, Eynat Guez, and Assaf Rappaport.

Utilization of Capital

The funds are intended to expand Trustmi's enterprise customer portfolio, enhance product development, and scale operations to meet the growing demand for payment security solutions.

Pipeline Development

As a privately held company, Trustmi has not publicly disclosed specific details about its product development pipeline. However, the company continues to innovate in the field of payment security, focusing on enhancing its behavioral AI platform to address evolving fraud tactics.

Technological Platform and Innovation

Proprietary Technologies

Trustmi's platform utilizes behavioral AI to analyze anomalies across emails, financial systems, and controls, enabling the detection of socially engineered attacks such as phishing and impersonations.

Significant Scientific Methods

The company employs anomaly detection and risk-scoring methodologies to identify and prevent fraud in real-time, correlating signals across email, vendor behavior, financial documents, and payment workflows.

Leadership Team

Executive Profiles

Shai Gabay: Co-Founder & CEO. Shai has a background in cybersecurity and fintech, having co-founded Trustmi in 2021.

Eli Ben Nun: Co-Founder & CTO. Eli brings expertise in technology and cybersecurity, co-founding Trustmi alongside Shai Gabay.

Einat Glik: VP of R&D. Einat leads the research and development efforts at Trustmi, focusing on advancing the company's technological capabilities.

Lori Chavez: Chief Marketing Officer. Lori oversees marketing strategies, driving brand awareness and customer engagement for Trustmi.

Nir Alon: Head of Customer Success. Nir is responsible for ensuring customer satisfaction and success, fostering strong relationships with Trustmi's clients.

Market Insights and Competitor Analysis

The payment security industry is experiencing significant growth due to the increasing prevalence of cyberattacks and the need for robust fraud prevention measures. Companies are seeking comprehensive solutions to protect financial transactions and maintain trust in their payment processes.

Trustmi operates in a competitive landscape with several notable players: