Sunday, July 22

Financial crime AI firm raises $30mn+ for global expansion

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ThetaRay raised over $30 million from investors such as Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, and SVB Investments in an oversubscribed round. This latest round brings the total raised by the company to $60+ million.

It will use the capital to expand across Europe, Asia and the US, increasing its workforce and scaling operations to meet the growing demand for systems that fight financial crime and money laundering.

Mark Gazit, CEO of ThetaRay, said in a statement: “As the amount of digital information grows, you just can’t protect it without artificial intelligence systems.”

The fundraising comes hot on the heels of signing up ABN Amro as a client to tackle terrorism financing risks.

ThetaRay’s machine learning and artificial intelligence technology helps financial institutions identify the earliest signs of money laundering.

“Financial crime, money laundering, fraud and advanced integrated cyber attacks on financial institutions pose a growing systemic risk that has already put banks out of business,” stated Yoav Tzruya, General Partner at JVP and founding investor of ThetaRay in a statement.

It is based on patented algorithms developed by mathematicians over a decade, and can detect anomalies in real-time, reduce false positives, and uncover “unknown unknowns”, according to the company.

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