Resistant AI, a Prague, Czech Republic-based artificial intelligence (AI) and machine learning security company, raised additional $11M in Series A funding.
The round, which brought the total amount to $27.6M, was led by Notion Capital. This was in addition to existing funding from investors including GV, Index Ventures, Credo Ventures and Seedcamp.
The company intends to use the funds to expand its product, team, and geographical presence.
Founded in 2019 by Martin Rehak, CEO, Resistant AI has developed machine learning techniques so that financial services can be protected from manipulation and attack. These include:
- Document Forensics, which can analyze bank statements, utility bills, payslips, and other digital KYC documents in seconds for signs of forgery or fraud, capturing up to 32% new fraud events at onboarding.
- Transaction Forensics, which overlays existing rules-based AML transaction monitoring systems to provide 5x increases in fincrime investigation productivity through alert prioritization, new risk discovery, and a pre-transaction monitoring FRAML capability that can help combat APP Fraud.
- Identity Forensics, which takes in outputs from various data sources across an organization, including customer PII, behaviors, digital footprints, and the outputs of other systems.
Its solutions are already protecting a number of banks, insurers, and fintech companies across the whole customer life cycle, and are being used to detect document forgery, serial fraud, synthetic identities, account takeovers, money laundering, and other evolving risks that threaten financial institutions.
Customers include Dun and Bradstreet, Payoneer, Habito, Planet42 and ComplyAdvantage. Resistant AI now has over 80 team members working across offices in Prague, London, Brussels, and New York.
FinSMEs
27/06/2023