Cybersecurity company Resistant AI has extended its Series A round of funding to $27.6 million as it targets growth in the UK.
Resistant AI, which protects financial services firms’ onboarding and transaction systems from malicious attacks, has raised an additional $11m investment from Notion Capital.
This adds to the existing funding from investors including GV, Index Ventures, Credo Ventures, and Seedcamp.
At present 15% of its global business is in the UK, founder and CEO Martin Rehak told BusinessCloud, with plans to extend this to 20% as “London is one of the biggest financial centres of the world”. Its office in the UK capital employs seven people at present, with 80 staff in total and bases in Prague, Brussels and New York.
Its machine learning techniques effectively protect financial services firms from these growing threats, outsmart criminals’ use of AI and adapt as their methods evolve. The company’s solutions look for anomalies in documents, transactions, and behaviours to provide a 360-degree view of each customer which it says can up to double the amount of threats detected.
The company’s solutions are already protecting a number of banks and FinTech companies across the customer life cycle. Customers include Dun and Bradstreet, Payoneer, Habito, Planet42 and ComplyAdvantage.
In 2022 its customer base more than doubled, ARR increased 6x and monthly usage increased 4x YoY.
“The transition from traditional finance to fintech has brought creativity and opportunities for customers, but there has been an accompanying rise in criminals exploiting these new services,” said Rehak.
“The old methods of fighting financial crime cannot keep up and Resistant AI’s unique application of machine learning successfully tackles these ever-changing threats.”