Resistant AI, an artificial intelligence (AI)-based financial security startup, has raised an additional $11m in its Series A funding round, taking the total investment to $27.6m.
This investment, led by Notion Capital, fuels Resistant AI’s mission to safeguard financial institutions from increasing fraudulent activities and financial crimes. The funding round also drew participation from prominent investors such as GV, Index Ventures, Credo Ventures, and Seedcamp.
As financial crime escalates globally, traditional protection systems have proven inadequate. Resistant AI noted that approximately 17% of key documents used for financial transactions, including bank statements and paychecks, are tampered with.
Additionally, around 15% of company registration certificates submitted for opening bank accounts are fraudulent. Even more startling, the UN estimates that an annual 2% to 5% of the global GDP is laundered.
In the face of these growing threats and the emergence of AI-driven attacks, the finance sector necessitates an innovative approach to combat crime.
Resistant AI leverages advanced machine learning techniques to provide a robust defense mechanism against these financial threats, outsmarting the criminals’ use of AI and evolving alongside their techniques. The firm’s innovative solutions scrutinize anomalies in documents, transactions, and behaviors, offering an in-depth view of each customer and potentially doubling the detected threats.
With a growing portfolio of clients including Dun & Bradstreet, Payoneer, and ComplyAdvantage, Resistant AI has established itself as a trusted partner in the financial industry. The funding round follows a fruitful 2022, during which the firm’s customer base and annual recurring revenue grew substantially, and its products garnered recognition from prestigious awards.
As a testament to the firm’s solutions, Resistant AI’s Document Forensics, Transaction Forensics, and Identity Forensics have significantly increased fraud detection and enhanced risk investigation productivity. By fortifying existing risk tech stacks, the company aims to bolster the efficiency of risk and compliance teams in the fight against financial crime.
