UK-based data intelligence firm Ripjar has araised $36.8m (£28m) in Series B funding from Long Ridge Equity Partners.

With the latest investment, Ripjar has raised more than $60m, with Long Ridge joining existing investors Winton Capital Ltd and Accenture plc.

The new funding will be used to accelerate new product development and facilitate the expansion of Ripjar’s data intelligence platform, Labyrinth.

The firm said it will also expand its sales and marketing presence in Asia, North America, and Europe, and grow its employee base.

Ripjar’s technology is used by institutions and government agencies to address criminal threats, including money laundering, fraud and terrorism.

Utilising its AI, the firm said Labyrinth can uncover new risks, and reduces false positives by over 90%.

Founded in 2013 by five former employees of the UK’s Government Communications Headquarters (GCHQ), the firm now reports that the firm has doubled in size during COVID-19.

It recently reached the 20,000 user mark and signed six new customers during the COVID-19 lockdown. During this period, the company also became profitable.

“With this funding, we will accelerate the expansion of Ripjar worldwide to provide our customers with the most advanced financial crime solutions, as well as creating new iterations of the Labyrinth platform,” said Jeremy Annis, CEO of Ripjar.

Kevin Bhatt, a Managing Partner at investor Long Ridge added: “Financial institutions, corporates and government agencies face ever-increasing risks associated with financial crime and cyber threats”

“We believe Ripjar is well-positioned to provide artificial intelligence solutions that will allow its clients to reduce the cost of compliance, while uncovering new threats through automation.”