ABN AMRO Digital Impact Fund, the venture capital fund of the Dutch Bank, has taken a stake in Israeli AI big data analytics startup Thetaray the Hod Hasharon-based firm's IntuitiveAI platform mimics human intuition’s decision-making capabilities to detect both existing and previously unknown malicious activity.
No financial details were disclosed.The company has raised more than $60 million and previous investors include Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, and SVB Investments
Combating money laundering, human trafficking and terrorist financing are top priorities for banks, and ABN AMRO uses ThetaRay’s innovative solutions to help carry out its activities as gatekeeper to the financial system.
ABN AMRO Digital Impact Fund director Hugo Bongers said, “Our investment in ThetaRay strengthens the current operational relationship between the bank and ThetaRay. The market for these solutions driven by artificial intelligence is a major growth market across the world and is strategically relevant to all types of financial services. In addition, ABN AMRO stands to benefit from access to the Israeli ecosystem of cybersecurity and financial crime detection firms, as well as the leading venture capital investors operating in this business, such as JVP (Jerusalem Venture Partners) and OurCrowd.”
“We’re very proud that ABN AMRO, a customer that benefits from ThetaRay's intuitive artificial intelligence technology to combat financial cybercrime and operational failures, has now also become an investor,” said Mark Gazit, CEO of ThetaRay. “ABN AMRO is a visionary company that recognizes the value of a technology that can apply our IntuitiveAI-based solutions to drive better outcomes and capture future growth opportunities. We see ABN AMRO Digital Impact Fund as a true partner for creating a safer world."
Published by Globes, Israel business news - en.globes.co.il - on June 12, 2019
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