London startups Quentexa For years, enterprise platforms have used AI and data analytics to combat money laundering and fraud. Today, it announced $175 million in new funding to double its efforts while further delving deeper into another hot area: using its technology to help organizations understand and better leverage data from various silos to build and run AI services.
Funds are funding from the F series, estimating Qualtexa’s currency at $2.6 billion – Quentexa’s last valuation is important USD 1.8 billion in 2023. Teacher Risk Growth (TVG), the division of the Ontario teacher pension scheme in Canada, also comes from former supporters UK patient capital. The startup has raised less than $550 million so far Tone data.
The funding came at the top of the nine-year-old startup. The company said it has “thousands of users” on its platform (an inaccurate number No change in years) and its list of large corporate clients include Prudential, Vodafone, UK Government, HSBC, ABN-AMRO and Accenture. Last year, licensing revenue grew 40%, and now has 16 offices worldwide with approximately 800 employees.
Quantexa’s funding is also at a critical moment in the business world.
The entire organization Private and Public sector Working together to adopt more AI services – Hopefully this will help them cut costs, speed up the way people work and do new jobs.
However, there is a small hook. In many cases, these same organizations sit on a huge legacy, unstructured data that needs to be identified and classified to train and run these new services.
Quantexa’s tools are designed to leverage unorganized data troves to aid anti-money laundering efforts. But it turns out to be equally useful for data curation of AI applications. Quentexa has been building for the latter business several years;Now, with the huge demand for AI, it has become an increasingly focused company.
“In order for AI technology to work, you have to get the data correctly. You have to be able to trust the data. You have to be able to curate the data. That’s what we’re going to do,” founder and CEO Vishal Marria said in an interview.
The company continues to see a lot of business in AML and fraud identities, but it will grow the business with greater efforts to expand its business in a variety of AI projects.
In line with this, Quantexa says it will “quickly” with Microsoft In In November: It is building an AI-driven workload for the Microsoft Fabric Data Analytics platform; it will build an AML solution for US mid-market banks that will be distributed through Azure Marketplace.
For those who choose data screens, Marila says the program is also doing more in this environment June 2024 The two companies use Quantexa’s technology to organize billions of data records to build and generate electricity.
Another area that it will expand its reach is in the public sector, especially an expanded dedicated business unit, which will help government agencies build AI services using “structured and unstructured data”. Hometown Markets in the UK
MARRIA will not comment on the work it is doing under the impetus of the government’s large-scale artificial intelligence (called “change plan”). But he noted that the company has been involved in several other projects (e.g. This anti-fraud project It is carried out with the Cabinet Office).
It was at a time when so much has changed in the industry and the world that Marria was convincingly driving growth, which drove this particular round.
“Vish himself is extraordinary,” said Avid Larizadeh Duggan, senior MD, who runs TVG at EMEA. “He is a visionary founder, but also a talent magnet, surrounded by outstanding people. It’s not easy to sell into a regulated industry. You can say he has a very high demeanor, but also knows what he is talking about. On the back of it, he has a clear understanding of the customers and the products. All of these attributes are very important when you invest, but to me, I feel that it’s even more important when the sand is shifting so quickly.”
