Startup company Ripjar has raised $36.8 million in a funding series for expanding its artificial intelligence technology.
The British company was founded by five data scientists who previously worked in the Government Communications Headquarters (GCHQ), which is the U.K.'s equivalent of the National Security Agency (NSA).
Specialist fintech investor Long Ridge Equity Partners led the funding, along with previous investors Winton Capital Ltd and Accenture. Ripjar CEO and CTO Jeremy Annis expressed their excitement over their partnership with Long Ridge, who brings expertise and resources in scaling fast-growing software companies.
Ripjar has been building data intelligence solutions against these online crimes through its Labyrinth system, which works with both structured and unstructured data. It uses an API-based platform and natural language processing that allows organizations to integrate any data source in monitoring and analyzing activities. Labyrinth checks these against other data sources in real-time such as politically exposed persons (PEPs) lists, transaction alerts, and sanctions lists.
Since its founding in 2013, Ripjar has rapidly established its foothold as a leading data intelligence provider in the world. Labyrinth continuously discovers new risks using artificial intelligence while enabling human analysts to have informed decisions with speed and accuracy, which significantly saves time and money.
Currently, Ripjar already has about 20,000 clients worldwide while it signed new contracts with six enterprise customers as well as expansion deals with its four existing major clients.
Ripjar: On competition
Ripjar budded in London, U.K., which has a great reputation for producing strong fintech startups and a strong talent base for artificial intelligence.
Like Ripjar, two other companies that combat fraud and financial crime using AI has also reaped success in recent months. These are cybercrime detection and AI companies ComplyAdvantage and Quantexa, which both gathered huge funding in July with $50 million and $64.7 million, respectively.
Despite the competition, Ripjar claims to have a more refined methodology. "We believe that Labyrinth is the most advanced solution in the market," said Ripjar Director of Intelligence David Balson as the technology was developed based on their first-hand experience of fighting crime and terrorism after working with the national security community for decades.
Balson added that there is no silver bullet for fighting against crime, so they have come up with numerous innovations to ensure the efficiency and effectiveness of their work in both the law enforcement and financial sector.
This applies to more than just Ripjar's technology as the money laundering issue involved up to $2 trillion, but only up to 2% were identified and recovered.
"We believe Ripjar is well-positioned to provide artificial intelligence solutions that will allow its clients to reduce the cost of compliance," Long Ridge Managing Partner Kevin Bhatt said in a statement.
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Written by CJ Robles
