ThetaRay raises $ 30 million to expand its cybersecurity business powered by artificial intelligence

ThetaRay, a leading data badysis company based in Hod HaSharon, Israel, announced today that it has raised more than $ 30 million in a round of financing led by Jerusalem Venture Partners (JVP ), GE Bank Hapoalim, OurCrowd, SVB Investments and others. "At a time when criminal activity and money laundering are increasing and becoming more sophisticated and regulation is rising, there is a greater demand for our solutions" Mark Gazit, CEO of ThetaRay, said said in a statement. "As the amount of digital information increases, you can not protect them without artificial intelligence systems." ThetaRay, which was founded in 2013, uses artificial intelligence to help financial institutions, cybersecurity divisions and critical infrastructures to "become more resilient" to threats such as risk, management, money laundering systems, fraud and operational issues. The company, created by professors Amir Averbuch and Ronald Coifman of Tel Aviv and Yale respectively, takes advantage of unsupervised machine learning and a multi-domain approach to data collection. to detect anomalies, reduce false positives

"Some people might say that it is a scary world, and we believe that there is a need for machines to identify threats. Human beings are not enough to look at all this data, and we are lucky to have dozens of years of academic research to badyze all these … transactions, "Gazit told VentureBeat in an interview.

ThetaRay's solution works off-site or in cloud, and is able to tell when something is wrong – like when an account holder in the US suddenly withdraws funds in Mogadishu, or when a launderer 39, known money is trying to transfer funds to an accomplice insider – in real time.ThetaRay claims to have 100% money laundering detection rate in more than 200 million transactions, and that new schemes of fraud are reported on millions of ATM sessions worldwide.

ThetaRay currently manages cyber security for power plants, airlines and banks. With the new capital injection, it plans to expand its presence in Europe, Asia and the United States and "substantially" increase its workforce.