Financial crime, a broader category of cybercrime, continuously becomes one of the most potent online attacks since it covers heinous crimes such as money laundering, frauds, and terrorism funding. One of the tech startups decided to build data intelligence solutions that would help combat financial threats.
Ripjar has now raised $36.8 million to develop an AI that could detect financial crime. The UK-based company, built by five scientists who recently worked in British intelligence at the Government Communications Headquarters, plans to expand its AI platform called "Labyrinth" to scale the business.
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GCHQ is the equivalent of the National Aeronautics and Space Administration (NASA) in the United Kingdom. The company explained that the AI uses natural language processing and an API-based platform, working with structured and unstructured data.
Labyrinth allows organizations to incorporate any data source they prefer to monitor and analyze for activity. The AI automatically checks the data in real-time against other sources such as politically exposed persons (PEPs) lists, transaction alerts, and sanction lists.
Who led the huge funding?
Long Ridge Equity Partners, a specialist fintech investor, leads Ripjar's funding. Other investors, such as Accenture plc and Winton Capital Ltd, also participated in the project.
The company declined to disclose specific names of its government clients, where its platform is used for counterterrorism activity. However, Ripjar said that its extensive partner list includes other companies like BAE Systems, Dow Jones, PWC, and more.
"We are excited to partner with Long Ridge who brings expertise and resources in scaling fast-growing software companies," said Jeremy Annis, Ripjar's CEO and CTO.
"This investment signals enormous confidence in our world-leading data intelligence technology and ability to protect companies and governments from criminal behavior which threatens their assets and prosperity," he added.
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Written by: Giuliano de Leon.
