Founded during the pandemic, Detected is the world’s first agnostic business verification platform helping B2B buyers and sellers transact with confidence. In a matter of seconds, Detected uses thousands of data points to confirm both parties’ credentials including identity, location, solvency, and capability. The data on the platform is refreshed monthly and can be layered into existing systems. Detected is set to launch in December and customers include B2B marketplaces and B2B marketplace software providers.
London TechWatch caught up with CEO Liam Chennells to learn more about the current deficiencies with manual B2B due diligence, the company’s imminent launch, and recent funding round.
Who were your investors and how much did you raise?
We have raised £250K in our pre-seed funding rounds. Investors include Rob Barnett (MD of Southern Water, formerly COO at RBS), Craig Sears-Black (CEO of EV Cargo Technology, formerly MD of Manhattan Associates), and Carl Hartmann (cofounder of Lyre’s Spirit Co., previous cofounder/CEO of Temando). Others include the former Managing Director of Citigroup as well as strategic partners in Europe, Middle East and APAC.
Tell us about the product or service Detected offers.
Detected enables B2B buyers and sellers to trade with confidence. Platform and marketplace agnostic, we use thousands of data points to confirm a buyer or seller’s identity, location, solvency, and capability in seconds.
This builds trust between trading partners, solving the impatience conundrum associated with due diligence, and simplifying cross-border trade. Detected seamlessly integrates into any existing marketplace, business process, or procurement system.
What inspired the start of Detected?
Detected was founded during the pandemic. At the time, Nathan Kelleher, our now Chief Commercial Officer, and I were helping companies overcome issues with their supply chain infrastructure, using our contacts and networks to source planes and boats to keep medical equipment and PPE moving around the world. As we helped buyers and sellers, we encountered countless unscrupulous parties and cases of fraud.
Detected is the solution.
How is Detected different?
Detected’s automated insight is refreshed month after month, eliminating the need for ongoing time-consuming and manual due diligence. This accessible, affordable, and easy to use data democratises B2B due diligence and enables informed decision-making based on what’s happening right now.
To have all of this information both surfaced during the purchase process in a marketplace and in a dashboard for corporate partners is entirely unique.
What market is Detected targeting and how big is it?
B2B Digital Commerce – a $5.6T high growth global industry. In addition to our partners in that space, we are also working with large corporate entities to assist them with supplier onboarding and management.
What’s your business model?
We offer three subscriptions – a free option for people to understand what Detected is capable of, a £2 per month option with overview functionality, and our core £25 per month for real-time insight into every company you trade with and the individuals that run them.
There are marketplace and corporate offerings, both of which deliver the same outcomes, just with slight nuances in how business or marketplace use Detected.
How has COVID-19 impacted the business?
It birthed our company and has made us hyper-relevant. Fraud happens for many reasons and these have intensified during the pandemic.
For many responsible for procurement and risk or fraud management, it’s led to widespread apathy. People are trusting their instincts and acting quickly. The problem with this approach is that issues quickly occur as soon as they encounter a bad actor on a B2B marketplace or an international supplier suddenly shuts up shop and disappears without any warning.
On the other side, we’re seeing businesses grind to a halt from fear of failure. They’re spending an inordinate amount of time, energy, and money making sure who they’re working with can be trusted, only to overlook the fact that the data they collect is out of date once the process is complete and without comprehensive validation, the information shared could be a lie.
Detected simplifies all of these concerns, focuses attention on risks and prioritises them, and provides people with an accurate, live snapshot of their trading relationships.
What was the funding process like?
I loved it. We closed this round less than 90 days after we registered the business. It’s given me even more confidence that Detected is in the right place at the right time.
What are the biggest challenges that you faced while raising capital?
Differing requirements. Every investor wants different information presented in a way that suits them. You have your investor materials; however, you spend a huge amount of time tailoring everything to each person.
What factors about your business led your investors to write the check?
The problem we’re solving, market size, our technology, and the fact that most seasoned business people have encountered fraud in some form.
A big component was the team. A group of experienced business leaders creating a business that not only has value but will scale.
What are the milestones you plan to achieve in the next six months?
We’re launching in early December. We have immediately opened our next funding round, which will close in December, if not sooner. We’re rapidly commercialising while pushing forward with product development.
We’re launching in early December. We have immediately opened our next funding round, which will close in December, if not sooner. We’re rapidly commercialising while pushing forward with product development.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Focus on solving a problem that people actually need solving. Ask yourself whether you actually love what you’re doing as well because happy people succeed more often than sad and stressed people.
Critically, ask people to push you hard on the likelihood of your business succeeding and then ask why they feel that way. Take the negatives and resolve them. Then you can raise money.
Where do you see the company going now over the near term?
We set our sights on the ambition that Detected would be involved in more than 50% of all B2B transactions by 2024 so that’s what we’re focused on.
What’s your favorite outdoor activity in London?
I’ve spent most of my career in retail and the industries that support it, so I love to explore markets like Spitalfields and see retail in its most simple form. The people that run the businesses are a solid reminder of how getting your product right comes above all else.
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