Kuwaiti-founded and New York-based Artificial Intelligence startup Fakespot has raised $1.3 million seed funding from a Kuwaiti venture capital firm Faith Capital.
Founded in 2016, Fakespot has developed a proprietary artificial intelligence platform to analyze and authenticate online product reviews on Amazon, Yelp, Trip Advisor, and Apple’s App Store.
It analyzes and identifies fake reviews – helping consumers out when buying stuff online so consumers no longer have to fear losses associated with purchasing goods and services marketed with deceptive fake reviews.
Fakespot’s B2C services are available for free at Fakespot.com, via iOS and Android Apps, and as a browser extension. Additionally, the company offers B2B authentication solutions.
The new funding will help Fakespot to expand and build an international service, helping many customers and companies around the world.
“Online reviews play a critical role in e-commerce by giving products and services a seal of approval from other consumers. Gaming the review systems of e-commerce platforms has become a prevalent practice for both known and unknown companies,” says Saoud Khalifah, the Founder, CEO, and CTO of Fakespot.
He added that “It is not uncommon for online shoppers to be misled by what otherwise looks like a high-quality item on a reputable e-commerce site. Fakespot is dedicated to protecting consumers from online deception on an increasing number of international e-commerce and service review platforms.”
Rob Gross, COO of Fakespot commented, “Fakespot’s mission is to make the internet more trustworthy, starting with consumer reviews. Our platform produces authentic data that benefits both consumers and business by detecting true consumer sentiment, counterfeits and defective products.”