Ivix, a NYC and Tel Aviv, Israel-based provider of a technology platform to combat shadow economy, raised $13M in seed funding.
The round was led by Team8 with participation from Citi Ventures, Cardumen Capital and private investors including Vikram Pandit, former CEO of Citi, and Tom Glocer, former, CEO, Thomson Reuters.
The company intends to use the funds to grow exponentially, mainly in the areas of sales and marketing.
Led by Matan Fattal, CEO, and Doron Passov, CPO, Ivix provides a technology platform purpose-built to combat the shadow economy by allowing tax authorities to automatically analyze data to identify large-scale infringement in a resource-efficient manner. The company develops tailored technologies that automatically analyze public data sources to identify in-scale tax evasion. This allows tax authorities to utilize their resources more efficiently, increase collection, and promote deterrence. Already deployed in several OECD countries, the platform has allowed authorities to identify a significant number of tax infringements, including verticals where nearly 50% of businesses were not reporting income.
Advisors to IVIX include:
– Kevin Brown, Leader of PwC U.S. Tax Controversy Team, PWC
– Don Fort, Director of Investigations at Kostelanetz & Fink, LLP, and the immediate past Chief of the Internal Revenue Service’s Criminal Investigation (CI) Division
– Fred Goldberg, Former IRS Commissioner, IRS Chief Counsel, and Assistant Security Tax Policy. Currently, Of Counsel, Tax, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliate
– Eric Hylton, National Director of Compliance at alliantgroup and IRS commissioner, small business/self employed division
– Avishai Shahar, Senior Counsel, Davis Polk
– Beth Tucker, Managing Director, Tax Controversy and Regulatory Services, PwC
Ivix is a graduate of the AI for Good acceleration program led by Microsoft for Startups in Israel.