July 3, 2018 | Israeli cybersecurity firm ThetaRay raised $30 million in a fresh funding round led by Jerusalem Venture Partners with the participation of GE, Bank Hapoalim, and OurCrowd. The latest round brings the company’s total funding efforts since it was founded in 2013 to over $60 million. ThetaRay describes itself as a “leader in AI and big data analytics that offers solutions for crime prevention, operational efficiency and threat detection.”
ThetaRay CEO Mark Gazit said in a statement: “In this era when criminal activity and money laundering are increasing and becoming more sophisticated and also regulation is on the rise, there is a greater demand for our solutions. As the amount of digital information grows, you just can’t protect it without artificial intelligence systems. ThetaRay offers the most advanced and mature solutions to detect threats before they happen. We thank the existing investors, especially JVP, for their confidence in ThetaRay, and welcome the new ones joining in this round.”
Get our weekly newsletter directly in your inbox!Sign up
“Financial crime, money laundering, fraud and advanced integrated cyber attacks on financial institutions pose a growing systemic risk that has already put banks out of business,” said Yoav Tzruya, General Partner at JVP and founding investor of ThetaRay. ”Existing systems fall short of addressing the agility and innovation of rogue organizations, fraudsters and hackers. ThetaRay is uniquely positioned to address this significant market pain, through its no-rules, holistic, AI-driven solution to identify such events, while significantly reducing the operating cost for banks.”
“Bad news for financial hackers, ThetaRay’s new $30 million round means that the bad guys are going to have to work that much harder for much less return,” said OurCrowd CEO Jon Medved.