Cyber solution provider ThetaRay gets $30m funding
Cybersecurity solution provider ThetaRay has raised $30+ million in funding courtesy of investors including Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, and SVB. The investment takes the company’s total equity capital to more than $60 million, reports David Penn at Finovate.
“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,” ThetaRay CEO Mark Gazit explains.
ThetaRay, which has doubled in size every year in its five years of operation, will use the new funding to grow its presence in Europe, Asia, and the US, and “significantly increase” its workforce to scale operations to meet growing demand. Founded in 2013, the company is headquartered in Israel and New York City, and has offices in the UK and Singapore.
Combining machine learning, artificial intelligence (AI), and “the wisdom of the algorithm crowd,” ThetaRay enables financial institutions to detect in real-time the kind of anomalies that typically indicate fraud, while reducing the number of false positives.
The company provides financial services companies with anti-money laundering (AML), fraud detection, and ATM solutions that leverage unsupervised machine learning instead of outdated rule-based systems and pre-defined thresholds.
Last month, the company announced that it was teaming up with ABN Amro in a five-year project to improve the AML and counter-terrorist financing capabilities of the Dutch bank.
In addition to financial services, ThetaRay’s anomaly detection technology has also been deployed in industrial internet of things (industrial IoT) contexts to help protect critical assets such as turbines, sensors, aircraft engines, and more.
