ThetaRay closes $30 million funding round

ThetaRay, a specialist in artificial intelligence (AI) and big data analytics, has secured funding of more than $30 million, taking total investment in the firm to over $60 million.

Investors in the funding round included Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB Investments and others. ThetaRay will use the new injection of funds to expand its presence in Europe, Asia and the US, significantly increase its workforce and scale operations to meet growing demand.

The firm uses machine learning and AI to help financial institutions identify the earliest signs of money laundering – detecting anomalies in real-time and reducing false positives.

“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, chief executive of ThetaRay. “As the amount of digital information grows, you just can't protect it without artificial intelligence systems.”

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