Resistant AI, a SaaS-based AI and machine learning security company that protects automated financial systems from manipulation, fraud and financial crime, has secured $16.6M in Series A funding.
GV (formerly Google Ventures) led the Series A, with participation from existing investors Index Ventures, Credo Ventures, and Seedcamp, as well as several angel investors specialising in financial technology and security.
Founded in 2019, the Prague-based startup says the funding will be used to meet increasing demand from global financial institutions and to build out its product, engineering, and sales operations teams beyond Prague, London and New York.
Data gathered by firm shows that: 17% of bank statements used for lending applications, ‘know your customer’ regulations and other purposes worldwide are tampered with; 11% of UK payslips submitted as part of digital loan applications are altered or forged; 15% of company registration certificates submitted worldwide when opening a bank account are fakes; 9% of utility bills submitted as a proof of address worldwide are forged.
"Our mission is to create an intelligent shield for autonomous financial systems, to protect them against these ever-evolving, ever-smarter attacks,’ says Martin Rehak, Resistant AI CEO. ‘That’s the only way we can avoid epidemic fraud, mountains of manual reviews and four-factor authentication on every single online service."
The compan's customer roster includes KBC, Payoneer, Habito and Twisto, and a number of unnamed Czech banks.