PALO ALTO — Quantifind, a provider of AI-powered financial crimes risk management solutions, has raised $23 million in funding led by DNS Capital, with participation from Citi Ventures, US Venture Partners, Valor Equity Partners, and S&P Global. The funding comes after a strong 2022 that included signing four of the world’s largest banks, new contracts from the Department of Defense, including a $23.7 million production contract, signing deals with leading universities and establishing partnerships with the United for Wildlife taskforce and the Polaris Financial Intelligence Unit to fight human trafficking.
Quantifind plans to use the funding to expand its footprint in international markets, grow global brand recognition, and enhance its solutions for financial crimes investigation, continuous customer monitoring, alerts triage, and supply chain risk screening.
“As the financial markets continue to evolve, it is critical for risk management teams to develop dynamic detection capabilities to prevent and mitigate financial crime and global threats,” said Vibhor Rastogi, Global Head of AI/ML/Data Investing at Citi Ventures. “Quantifind is uniquely poised to deliver the data coverage, rich feature set, and detection accuracy grounded in science that global risk specialists across industry and government need to be effective at fighting financial crime and emerging threats.”
“Quantifind is an essential part of our risk management strategy. We see upwards of 40% productivity gains for investigations and 75% of high-risk cases automatically triaged,” said a representative of one of Canada’s big five banks and financial services companies.
Quantifind also supports nonprofits by lending its intelligence software to the Polaris Financial Intelligence Unit against human trafficking and the United for Wildlife taskforce. These organizations use the Quantifind risk intelligence platform to understand the financial patterns that signal human trafficking red flags. This intelligence is shared with financial services and law enforcement leaders. Furthermore, these thought-leading nonprofits provide industry expertise as feedback to Quantifind machine-learned risk typologies to power a paradigm for risk standards. Quantifind will host two events this year with Polaris and the United for Wildlife task force.
“Global financial institutions and governments value Quantifind’s ability to automatically uncover risk signals from disparate and unstructured data sources,” said Quantifind CEO and co-founder Ari Tuchman. “We continue to raise the data science bar in the fight against financial crimes and hidden threats with a commitment to accuracy, speed, and seamless integration into client workflows.”
Quantifind is headquartered in Palo Alto, with teams in Boston, Washington, Atlanta, Madrid, London, and New York.