IVIX, an AI-powered platform that helps governments around the world combat financial crime, had closed its USD 60 million Series B funding round.
IVIX is a platform that helps authorities find large-scale financial crimes such as money laundering, sanctions evasion, and tax non-compliance. Driven by Open-Source Intelligence-driven AI and graph analytics, the company transforms public data into a resource that shows hidden business activity. The funding round brings the total amount raised to USD 85 million, led by O.G. Venture Partners (OGVP) with participation from Insight Partners, Citi Ventures, Team8, Disruptive AI, Cardumen Capital, and Cerca.
How the funds will be utilised
Law enforcement agencies face challenges regarding traditional methods of evasion, such as shell companies, offshore accounts, and layered money laundering schemes. Currently, these challenges are worsened by modern innovations such as sophisticated cryptocurrency networks, high-speed micro-transactions, anonymity and pseudonymity in blockchain, and the explosion of global e-commerce. Illicit activity in these industries and many others has resulted in a USD 20 trillion global shadow economy that operates largely beyond the reach of traditional investigative methods.
The company, as an AI-powered technology that offers authorities full visibility into financial crime and criminal networks, is utilising its OSINT-driven AI and graph analytics to uncover the hidden connections that power financial crime.
IVIX will utilise this capital to accelerate its development and research capabilities, focusing on pushing for the adoption of its AI-driven solution to detect and combat financial crime in the US, Asia, and Europe. The company’s mission is to utilise data in combating complex financial crime, as this data hasn’t been leveraged in the past due to its opaque and scattered nature, leading to challenges in deriving actionable insights. By investing in research and development, IVIX offers better results for its customers and delivers solutions that serve the greater public good.
