AI and big data analytics provider ThetaRay has raised over $30 million in Series B funding.
The round, participators in which included Jerusalem Venture Partners, GE, Bank Hapoalim, OurCrowd, SVB Investments and more, was significantly oversubscribed and brings total disclosed investment in ThetaRay to over $60 million.
ThetaRay’s new $30 million round means that the bad guys are going to have to work that much harder for much less return.
– Jon Medved, CEO, OurCrowd
“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 Jerusalem Venture Partners 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.”
ThetaRay’s platform uses machine learning and AI to help detect early signs of money laundering, and was recently awarded The Asian Banker Risk Management Award for the best technological solution to comply with regulation of financial institutions.
As the amount of digital information grows, you just can’t protect it without artificial intelligence systems.
– Mark Gazit, CEO, ThetaRay
“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,” said Mark Gazit, CEO of ThetaRay. “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.”
According to a press release, ThetaRay has doubled in size each year since its foundation in 2013. It plans to use the Series B investment to continue that growth, by expanding its presence in Europe, Asia and the US, significantly increasing its workforce, and scaling operations to meet demand.
“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 of OurCrowd. “My simple advice to you is: find another line of work.”