The broader pitch of Cybersecurity — not just defending networks, but identifying fraudulent activity — has seen a major boost in activity over the last few months, and that’s no surprise. The global health pandemic has led to more contacts and transactions moving online, and the contractions that we feel across the economy and society have led some to take more desperate and illegal action, using digital challenges to do so.
Now, the U.K. Quantexa, a corporation that has developed a machine learning platform called “Contextual Decision Intelligence” (CDI) that analyzes disparate data points to gain a better insight into nefarious activity, as well as to (more productively) build better profiles of the entire customer base of the company, is raising a growth round of funding to address that opportunity.
The London-based startup has raised $64.7 million, and Series C will be used to continue developing both its tools and application cases, as well as to expand geographically, particularly in North America, Asia-Pacific, and more European territories.
The mission, said Vishal Marria, founder, and CEO of Quantexa, is to “connect the dots to make better business decisions.”
The startup built its business on the back of doing business for major banks and others in the financial services sector, and Marria added that the plan will continue to strengthen the tools for this vertical while also expanding into two growing opportunities: working with insurance companies and government / public sector organizations. The backers in this round talk about how Quantexa is positioning itself on the market and the traction it has seen to date for its business.
Altogether, Quantexa has “thousands of users” across more than 70 countries, with additional large companies, including Standard Chartered, OFX, and Dunn & Bradstreet.
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In an interview, Marria said that he initially got the idea for Quantexa — which I think could be a creative portmanteau of “quantum” and “context”—when he worked as Chief Executive Officer at Ernst & Young and saw” many challenges to investigations “in the financial services industry.
What better way, as Quantexa has built, is to solve it in the classic approach of tapping big data and constructing AI algorithms that help, in Marria’s words, to connect the dots.
Conclusion:
As an example, in general, an investigation needs to do significantly more than just track the activities of an individual or a single shell company, and you need to look for the most unlikely links between several actions to create an accurate picture.
