ThetaRay announced that it has completed a fund-raising round of over $30 million. With the latest investment, the company has raised more than $60 million. Investors include Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB Investments and others.
ThetaRay will use the capital to expand its presence in Europe, Asia and the US, increase its workforce and operations to meet the demand for systems that fight financial crime and money laundering.
ThetaRay machine learning and artificial intelligence technology helps financial institutions identify signs of money laundering. It is based on patented algorithms developed by world-renowned mathematicians over a decade, and can detect anomalies in real-time, reduce false positives, and uncover “unknown unknowns”.
Mark Gazit, CEO of ThetaRay, said: “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. ThetaRay offers the most advanced and mature solutions to detect threats before they happen. We thank the existing investors, especially JVP, for their confidence in ThetaRay, and welcome the new ones joining in this round.”
“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.
“Existing systems fall short of addressing the agility and innovation of rogue organizations, fraudsters and hackers. ThetaRay is uniquely positioned to address this significant market pain, through its no-rules, holistic, AI-driven solution to identify such events, while significantly reducing the operating cost for banks.”
“Bad news for financial hackers, ThetaRay’s new $30 million round means that the bad guys are going to have to work that much harder for much less return,” said Jon Medved, CEO, OurCrowd, a leading equity crowdfunding platform. “My simple advice to you is: find another line of work.”