ThetaRay secures $30 million investment

ThetaRay secures $30 million investment

Financial crime threat detection outfit ThetaRay has completed a Series B fund-raising round of over $30 million.

Investors in the round - which raises the total capital secured by the company to $60 million - include Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB and others.

The company says it will use the capital to expand its presence in Europe, Asia and the US, significantly increase its workforce and scale operations to meet the growing demand for systems that fight financial crime and money laundering.

The firm is in a sweet spot for AI-based and machine learning tools, and has doubled in size every year since its inception five years ago.

The company claims it can detect anomalies in real-time, radically reduce false positives, and uncover “unknown unknowns”. Top tier clients include Singapore's, OCBC, ING and ABN Amro, who signed up for a five-year deal last month.

Mark Gazit, CEO of ThetaRay, says: "In this era when criminal activity and money laundering are increasing and becoming more sophisticated and also regulation is on the rise, there is a greater demand for our solutions. As the amount of digital information grows, you just can’t protect it without artificial intelligence systems."

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