The Resistant AI company announced the raising of new investment funds.
The company intends to spend the received funding as part of the implementation and development of its cybersecurity solutions, which are based on artificial intelligence and machine learning.
Following the results of the next stage of raising external funds, the venture company Notion Capital provided $11 million to Resistant AI. These funds were received after the Series A funding round. As a result, the total amount of money received by Resistant AI amounted to $27.6 million. This information is contained in a press release that was published last Tuesday, June 27.
The company will use the investment as a financial tool to expand the functionality of its product line. Also, part of the funds will be spent on increasing the number of the team of specialists. Another item of expenditure in the context of the disbursement of investments will be the expansion of geographical presence.
The company helps financial institutions and fintech firms protect registration systems and transactions from automated malicious attacks, the number of which is increasing. In this case, it means attacks carried out with the help of technologies based on artificial intelligence.
Martin Rehak, CEO and founder of Resistant AI, says that the traditional method of combating financial crimes is outdated in a technological sense, and is not an effective tool for countering criminal encroachments in the virtual space. He also noted that the unique machine learning application developed by his company allows you to cope with threats that are constantly changing.
Martin Rehak says that investment support will allow the firm to build on its existing success and offer a cybersecurity solution to a larger number of financial institutions and representatives of the fintech industry facing threats that are becoming more serious and causing more damage.
Resistant AI tools search for atypical items in documents, record suspicious actions during transactions and detect abnormal behavior of participants in financial operations. These solutions complement the risk management systems of companies that provide financial services. The number of detected threats is doubled as a result of the analysis of digital documentation for signs of forgery and fraud. The company’s tools also extend the functionality of risk identification into existing transaction monitoring systems designed to combat money laundering.
Kamil Mieczakowski, director of Notion Capital, said that fraud using synthetic identified data is the fastest-spreading financial crime in the United States. According to him, in 2021, the American banking sector lost $ 6 billion due to this type of fraud. He noted that in the current situation, the only comprehensive solution, the rate of improvement of which corresponds to the rate of complication of the methods of actions of criminals, is a product based on artificial intelligence.
Industry studies show that fraud prevention systems functioning through the use of AI demonstrate the highest level of effectiveness in the fight against data fraud. In this case, the identification of minimal inconsistencies in stolen or forged identity cards is guaranteed.
As we have reported earlier, AI Startup Mistral Raises $113 Million.
