Deep Labs Inc., which provides artificial intelligence-based fraud detection and authentication for the banking and finance industries, closed the initial tranche of a $16 million investment from a group of investors that specialize in financial services. 

The investment group is led by Gunnar Overstrom, partner at Corsair Capital as well as Serendipity Capital and Gramercy Ventures, according to a press release.

"We are pleased to welcome such a high caliber group of investors as we expand Deep Labs, add new customers and partners around the world and continue to hire the best and brightest engineers and professionals," Scott Edington, Deep Labs CEO, said in the release. "Our new investors have a true understanding of our business, our goals and our long term strategy and we look forward to benefiting from their unique expertise and experience."

The company works with card payments firms Visa and American Express as well as Clear, a firm that specializes in authentication at airports and sports venues.