Big data analytics company Quantexa raised $64.7 million in a Series C round of funding to drive actionable intelligence to provide insight for customers to address financial crimes.
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The Quantexa team saw a problem in the financial sector where people were looking at individual transactions in order to figure out if someone was committing fraud or laundering money.
“Instead of taking one transaction, we take all of the transactions and look at them for patterns of behavior,” Vishal Marria, Quantexa CEO, told Crunchbase News about the company’s contextual decision intelligence software. “We take a customer’s internal and external data and use machine learning to find connections between the data and then give that insight to the customer.”
Evolution Equity Partners led the new investment, with participation from existing investors Dawn Capital, AlbionVC and HSBC, as well as new investor ABN AMRO Ventures. This new round of funding follows a $22.7 million Series B round secured in August 2018, bringing total funds raised to $90 million since the company’s inception in 2016.
Richard Seewald, founding and managing partner at Evolution Equity Partners will join Quantexa’s board of directors as part of the deal. He said in a written statement that the company’s previous growth and opportunity for future potential make it a good partner.
“Quantexa’s proprietary platform heralds a new generation of decision intelligence technology that uses a single contextual view of customers to profoundly improve operational decision making and overcome big data challenges,” he said in a written statement.
The new funding will be used to accelerate growth and research additional use cases in the financial services sector, as well as to further develop its product, Marria said. Based in London, Quantexa will also invest in its offices in New York, Boston, Belgium, Toronto, Singapore, Melbourne and Sydney.
Over the past two years, the company has doubled down on the business, including 100 percent growth in revenue and a gain of four times the number of users, he said. In addition, the company went from 70 to 260 employees.
Next up, Quantexa plans to go into new markets, such as the public sector, government, telecommunications and health care. It is also looking for further expansion in North Asia, Africa and in the Americas, where there are already 60 employees, Marria said. He expects that number to double in the next 12 months.
“We are all about what the options are on this tremendous journey,” he added. “Our clients are excited, the market is excited and we are excited, too. We are on target to double again this year, and we are keeping our options open for an IPO and other opportunities.”
Illustration: Li-Anne Dias