Mantas secures $17.5 million funding round

Mantas secures $17.5 million funding round

Virginia-based Mantas, a provider of money laundering and fraud detection software, has completed a $17.5 million round of Series B financing from Safeguard Scientifics.

Mantas says the additional capital will be used to expand business operations in the US and overseas and accelerate the company's international growth.

Simon Moss, the recently appointed CEO of Mantas, says: "While Mantas' technology has been able to address illicit financial behavior for six years, recent regulatory mandates, such as the passage of the USA Patriot Act, have created opportunity for our anti-money laundering and fraud solutions."

Mantas was the first spin-off company for SRA Ventures, a joint venture formed by Safeguard Scientifics and SRA International, Inc. in May of 2001. Mantas started as a SRA business unit in 1996, using proprietary data mining and behavior recognition techniques developed by SRA.

Mantas' platform is the core technology used to implement the Advanced Detection System (ADS) for NASD. ADS analyses every trade of NASD member firms to uncover irregular broker activities and to ensure the integrity of the market. The technology is also at the core of the Merrill Lynch Beams system, analysing trading and market data to ensure order execution quality. In December, the company signed a multi-year enterprise license, installation and maintenance agreement with Citigroup for the use of its software in the detection of money laundering.

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