London-based machine learning scaleup company Quantexa announced its successful run at the latest Series C investment round on Thursday, July 23, 2020. The firm has raised $64.7 million led by Evolution Equity Partners.
Quantexa provides companies and businesses alike financial crime detection services via its software, an artificial intelligence (AI) platform called Contextual Decision Intelligence. With the use of its AI platform, the company leverages its technologies to provide customers with better industry insights.
In addition, Quantexa is also geared towards providing firms access to their customer base, as well as uncovering risk factors, opportunities, as well as shedding light on credit risk, fraud, customer intelligence, and generally solving problems in the financial crime department, notes VentureBeat.
American Banker highlights some of the financial crimes Quantexa solves with its software, including human trafficking, money laundering, and terrorist financing. The use of AI technology and big data allows the company to see the potential criminal activity as well as transactional patterns.
Through its AI learning platform and the use of big data, Quantexa helps “connect the dots to make better business decisions,” says company founder Vishal Marria. It utilizes the artificial intelligence platform and connects to more than 60 million different points of external and internal information.
Besides Evolution Equity Partners, other backers have also shown support for this start-up company. Some of these investors include Accenture, AlbionVC, Dawn Capital, and HSBC. The Series C funding round also saw new investors such as ABN AMRO Ventures.
Founded in 2016, this London-based startup firm has since raised $90 million. Tech Crunch reports its valuation is well between $250 million and $300 million.
In a statement to Tech Crunch, Marria reveals the key factors that differentiate it from competitors, saying “It comes back to entity resolution that [calculations] can be done in real time and at batch.”
“And this is a platform, software that is easily deployed and configured at a much lower total cost of ownership. It is tech and that’s quite important in the current climate,” continued Marria.
Following the $64.7 million injections, a company spokesperson told VentureBeat that it plans to further its expansion and customer base in North America, Europe, and Asia Pacific regions. It currently has offices in Belgium, Boston, Melbourne, New York, Singapore, Sydney, and Toronto, with 250 employees.
Besides company expansion, American Banker states the U.K.-based startup firm also plans to utilize its funding towards developing more applications to cater to financial services and other industry sectors.
As of writing, the company serves over 70 countries worldwide, with more than 5,000 end users.