Czech Resistant AI raises $11M, totaling $27.6M in a Series A round
Prague-based company Resistant AI has announced the raise of an additional $11 million for its funding round, totaling $27.6 million. Notion Capital backed the round. The startup plans to use it for the expansion of its product, team, and geographical presence.
- Founded in 2019 by Martin Rehak, Resistant AI provides machine learning techniques to protect financial services from manipulation and attack. The company’s solutions look for anomalies in documents, transactions, and behaviors to ensure quality protection for each customer, among them are:
- Document Forensics, which can analyze bank statements, utility bills, payslips, and other digital KYC documents for signs of forgery or fraud, capturing up to 32% of new fraud events at onboarding.
- Transaction Forensics, which overlays existing rules-based AML transaction monitoring systems to provide 5x increases in fincrime investigation productivity through alert prioritization, new risk discovery, and a pre-transaction monitoring FRAML capability that can help combat APP Fraud.
- Identity Forensics, which takes in outputs from various data sources across an organization, including customer PII, behaviors, digital footprints, and the outputs of other systems.
- The company claims that in 2022 its customer base more than doubled, ARR increased 6x, and monthly usage increased 4x YoY. Resistant’s clients include a number of banks and fintech companies such as Dun & Bradstreet, Payoneer, Habito, Planet42, and ComplyAdvantage. Currently, the company has over 80 team members working across offices in Prague, London, Brussels, and New York.
- The additional $11 million was backed by Notion Capital, a London-based venture capital firm focused on high-potential businesses in the cloud computing and SaaS markets. The new investment adds to funding from Google Ventures, the UK’s Index Ventures and Seedcamp, Czech Credo Ventures.
“With this investment from Notion Capital we are able to build on this success and bring our solution to more institutions in the face of these increasingly pernicious threats. We are excited to be working with Notion Capital, particularly because of their expertise and track record in successfully growing computer security companies,”Martin Rehak, CEO and founder of Resistant AI said.
- Resistant AI will use the fresh round to expand its product, team, and geographical presence to meet the growing demand from financial crime.