Intelligo Group, an Israel-based company which automates background checks, has raised $5.7m in Series A financing.
The investment was led by New York-based investment firm Governing Dynamics and Eileen Murray, Co-CEO at Bridgewater Associates. Intelligo’s mission is to make compliance easier and risk management scalable., providing background checks for private equity, hedge funds and investment banks. To this end we have developed the first fully automated research technology with decision-ready analysis.
Through the use of advanced AI & Machine learning capabilities, its platform, Intelligo Clarity, tackles KYC, AML, due diligence, and compliance issues challenges in ‘a matter of minutes, while covering over 1,000,000 data points’ according to its website.
The Clarity platform carries out background checks and due diligence on investments and individuals by collecting and monitoring data from thousands of sources including global news media, sanctions & blacklists, PEP records, civil and criminal legal records, SEC filings, corporate records, social media, and blogs. It is then used by investment banks to vet potential investments or sharing economy businesses.
Intelligo is expected to use the new funds to invest in research and development for its machine learning and Clarity platform.
With banks spending more and more on managing the regulatory environments, enterprises and conglomerates are searching for ways to find suitable cost-effective solutions to cater to the increasing regulation demands.
So far this year, $554.212m has been invested in Global RegTech companies according to data by FinTech Global. Anti-fraud artificial intelligence solution platform Feedzai recently closed a $50m Series C round. The investment round was led by an undisclosed investor and also saw a commitment to the round from Sapphire Ventures.
Risk and compliance solution SecurityScorecard also netted $27.5m in its Series C funding round. The round was led by Nokia Growth Partners, with participation from Moody’s Corporation, AXA Strategic Ventures, and Intel Capital. Several returning backers including Sequoia Capital, Google Ventures, Boldstart Ventures, Two Sigma Ventures, and Evolution Equity Partners.
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