Israeli AI and Big Data cybersecurity firm ThetaRay has won a $30 million-plus funding round, as it scales up its cutting edge crime prevention solution.
The company, headquartered in Hod Hasharon and New York City, has now raised more than $60m in capital since its 2013 foundation. Its latest round was led by Jerusalem Venture Partners, GE, Bank Hapoalim and equity crowdfunder OurCrowd, among several others.
The cash injection will allow ThetaRay to rapidly expand its operations, and offer services to a wider range of territories. Europe, Asia and the US are top of its agenda, and many more staff members will soon be added to its roster.
ThetaRay uses machine learning and artificial intelligence to help institutions identify early signs of money laundering. It has doubled in size each of its five years. “As the amount of digital information grows, you just can’t protect it without artificial intelligence systems,” said Mark Gazit, ThetaRay CEO. “ThetaRay offers the most advanced and mature solutions to detect threats before they happen.”
“Bad news for financial hackers: ThetaRay’s new $30 million round means that the bad guys are going to have to work that much harder for much less return,” said Jon Medved, OurCrowd CEO. “My simple advice to you is: find another line of work.“