Quantifind, a provider of financial crime risk management technology based on artificial intelligence, announced the attraction of investment funds for $ 23 million following the results of the financing round.
Source: Pixabay.com
This round was led by DNS Capital. Also, part of the financing was provided by American venture partners, including Valor Equity Partners and S&P Global. Another participant in the funding round was Citi Ventures.
Last year proved to be a success for the supplier of financial crime risk management technology. The company has entered into partnership agreements with four banks. The firm intends to use this cooperation as a basis for the development of its Graphyte platform.
The company intends to use the funds raised during the financing round to implement measures to expand the scale of its presence in the markets of several countries of the world. The firm plans to spend part of the investment funds to increase the level of brand recognition.
Also, due to the attracted financing, the supplier intends to expand its product line. This line currently includes tools for investigating crimes aimed at the misappropriation of money and other assets, technologies for constant monitoring of customers, sorting alerts, and algorithms for checking risks in supply chains.
Vibhor Rastogi, Global Head of Investment in Artificial Intelligence/ML/Data, Citi Ventures, says that against the background of the development of financial markets, it is important for risk management teams to improve the mechanisms for the rapid detection of threats to prevent or minimize them. He also noted that Quantifind has unique capabilities to ensure data coverage, a set of effective functions, and high detection accuracy.
Quantifind was established in 2009 in California. In 2021, the company announced the development of risk management mechanisms that go beyond the financial sphere.
As we have reported earlier, Citi introduces SEPA Instant Payments in Europe.
