Ripjar Wants to Develop an AI That Detects Financial Crime; Here's How Labyrinth Works

4 weeks ago 30

Financial crime, a broader category of cybercrime, continuously becomes one of the most potent online attacks since it covers heinous crimes such as money laundering, frauds, and terrorism funding. One of the tech startups decided to build data intelligence solutions that would help combat financial threats. 

Ripjar's Labyrinth Could Detect Financial Crime; The Company Raises $36.8 Million to Develop the New AI

(Photo : Photo Illustration by Matt Cardy/Getty Images)
BATH, ENGLAND - OCTOBER 13: In this photo illustration, a stack of £1 coins is seen with the new £10 note alongside euro notes and US dollar bills on October 13, 2017 in Bath, England. Currency experts have warned that as the uncertainty surrounding Brexit continues, the value of the British pound, which has remained depressed against the US dollar and the euro since the UK voted to leave in the EU referendum, is likely to fluctuate.

Also Read: Elon Musk Admits He is Scared of Google as He Calls Deepmind's Digital Superintelligence an 'Unintentional Trojan Horse'

Ripjar has now raised $36.8 million to develop an AI that could detect financial crime. The UK-based company, built by five scientists who recently worked in British intelligence at the Government Communications Headquarters, plans to expand its AI platform called "Labyrinth" to scale the business. 

Also Read: Heart Disease Can Be Seen on Your Face with New Algorithm AI Looking at 'Selfies'

GCHQ is the equivalent of the National Aeronautics and Space Administration (NASA) in the United Kingdom. The company explained that the AI uses natural language processing and an API-based platform, working with structured and unstructured data. 

Labyrinth allows organizations to incorporate any data source they prefer to monitor and analyze for activity. The AI automatically checks the data in real-time against other sources such as politically exposed persons (PEPs) lists, transaction alerts, and sanction lists.  

Who led the huge funding? 

Long Ridge Equity Partners, a specialist fintech investor, leads Ripjar's funding. Other investors, such as Accenture plc and Winton Capital Ltd, also participated in the project. 

Ripjar's Labyrinth Could Detect Financial Crime; The Company Raises $36.8 Million to Develop the New AI

(Photo : Photo Illustration by Matt Cardy/Getty Images)
BATH, ENGLAND - OCTOBER 13: In this photo illustration, a £1 coin is seen a US dollar bill and 1 euro coin on October 13, 2017 in Bath, England. Currency experts have warned that as the uncertainty surrounding Brexit continues, the value of the British pound, which has remained depressed against the US dollar and the euro since the UK voted to leave in the EU referendum, is likely to fluctuate.

The company declined to disclose specific names of its government clients, where its platform is used for counterterrorism activity. However, Ripjar said that its extensive partner list includes other companies like BAE Systems, Dow Jones, PWC, and more. 

"We are excited to partner with Long Ridge who brings expertise and resources in scaling fast-growing software companies," said Jeremy Annis, Ripjar's CEO and CTO. 

"This investment signals enormous confidence in our world-leading data intelligence technology and ability to protect companies and governments from criminal behavior which threatens their assets and prosperity," he added.  

For more news updates about Ripjar's new AI, always keep your tabs open here at TechTimes.  

Also Read: Essay-Writing Robot that Acknowledges God's Existence Claims Human Destruction is "Not Avoidable": Why?

This article is owned by TechTimes,

Written by: Giuliano de Leon.

ⓒ 2018 TECHTIMES.com All rights reserved. Do not reproduce without permission.

Read Entire Article