Quantexa to invest in the AI industry

Monday 10 July 2023 15:01 CET | News

UK-based Quantexa has announced its investment of USD 155 million in the global artificial intelligence industry for the following three years.

The investment will be used for improving the manner in which clients and customers advance the leverage of artificial intelligence (AI) to protect, optimise, and develop their organisations. Quantexa’s aim is set for three years, and by the end of 2027, the company’s funds are set to reach more than USD 250 million. 

Quantexa will use its expertise and services to further improve its AI Stack, enabling its global ecosystem of clients and collaborators to leverage industry-specific use cases for financial products, insurance, healthcare, the public sector, as well as telecommunications. Quantexa’s Decision Intelligence platform and its suite of tools for data management, KYC, risk, fraud, customer intelligence, and financial crime have been deployed in multiple countries around the world. 

UK-based Quantexa has announced its investment of USD 155 million in the global artificial intelligence industry for the following three years.

More information about the investment

Quantexa will also focus on the goal of supporting the UK Government’s aim to make the region an AI hub, a plan which includes multiple priorities. Firstly, over USD 155 million in new investments will be used to accelerate enterprise and government agencies’ ability to leverage trusted AI-enabled Decision Intelligence services. Additionally, over USD 105 million are set to be used to create over 170 new jobs in the London AI Innovation Center team, while multiple institutions are set to be able to investigate risk and identify opportunities. 

The company also offered a preview of its Q Assist, a generative AI assistant built on the Decision Intelligence Platform. The tool was designed to allow clients to use their own proprietary, open-source, or commercially available models, which include ChatGPTTM, an LLM from OpenAI. The preview also showed the product’s ability to automate the generation of Suspicious Activity Reports (SARs) and to investigate summaries (in approximately 100 languages), which will allow more time to be redirected to multiple strategic activities. 

By using the Decision Intelligence platform, enterprises can organise data more efficiently, while obtaining a holistic view of customers and suppliers in order to identify fraud, qualify eligibility for services, optimise supply chains, as well as to stop dangerous goods and products at borders. 

The three core principles that will be used by Quantexa to build out the AI Stack are context-based learning (by using data to create single views of people, places, organisations, as well as other entities while assembling them visually to show complex interactions between entities), composite AI (including machine learning, natural language processing, and deep learning, these techniques are combined with input from experts to use analytics in order to improve decisioning, and to protect, optimise, and develop the services), along with explainability and trust of clients. 

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Keywords: investment, funding, fraud management, fraud detection, fraud prevention, online fraud, artificial intelligence, machine learning
Categories: Fraud & Financial Crime
Companies: Quantexa
Countries: United Kingdom, World
This article is part of category

Fraud & Financial Crime


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