Berlin-based financial crime risk quantification agency Elucidate has raised EUR2.5 million in a seed funding round led by Silicon Valley-based 11.2 Capital.
Seed X Liechtenstein, Apex Ventures, Big Start Ventures and SixThirty Ventures joined the round, the proceeds of which will be used to further develop the Elucidate FinCrime Index (EFI).
Built using probabilistic modelling and machine learning, the index uses data to score financial crime risk against an objective industry baseline.
Unlike most financial crime offerings, which guide users to manually determine reactions to potential financial crime, Elucidate says the EFI uses data analysis to anticipate and prevent the crime.
Shane Riedel, COE, Elucidate, says: "Since launching in 2019, Elucidate has expanded data analytics coverage to over 2,500 financial institutions. The work of fully partnering with our Users to enable them to move from basic risk detection to proactive risk prevention, however, requires ongoing investment in data analytics and machine learning capabilities.
"11.2 Capital, as well as our other investors, bring both capital and expertise to this transformational objective."