Enigma
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Hicham Oudghiri and Marc DaCosta
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2011
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New York, NY
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100-200 Employees
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$130M, Series C
Overview
Enigma is a data infrastructure company for business identity, fraud and entity resolution. Its identity graph traces relationships across disparate data, delivered via API and AI agents to fintechs and government.
Key Technology Insights
Fraud actors hide connections by using different names, addresses and entities. Enigma's entity resolution links records across state filings, web data, card transactions and ownership into one graph, then traces indirect links, shared addresses or owners, that exact-match tools miss. It resolves 100M+ entities and 2B+ relationships.
Industry Application
Commercial KYB and fraud prevention is Enigma's most established use for payment firms, where clients such as Stripe, Trulia and Ramp verify and monitor the businesses they onboard. In one test, Enigma matched 94% of businesses on the first pass and automated 63% of approvals that would otherwise have needed manual review. Its work now extends into government, where it has helped Department of Housing and Urban Development (HUD) and the Department of Labor uncover more than $100M in potential fraud.
Strategic Perspective
Enigma offers the trusted reference layer for business identity, ground truth for AI agents. Its advantage is its entity-resolution moat and card-network data. In growth stage, its opportunity is agentic KYB and government fraud, as LLMs layer onto the graph.
