Data intelligence company Ripjar has bagged $36.8m in its Series B round from Long Ridge Equity Partners.
The capital investment will be used to further product development and support the expansion of its platform. Funds will also be used to expand the RegTech startup’s sales and marketing presence in Asia, North America and Europe, and support its current and future clients.
Founded in 2013, Ripjar helps institutions and government agencies address criminal threats including money laundering, fraud and terrorism. By leveraging AI, the platform can identify new risks, reduce false positives and help human analysts make improved decisions.
Long Ridge managing partner Kevin Bhatt said, “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. We are incredibly excited to partner with Ripjar to support their continued growth and look forward to working closely with the Ripjar team as they expand to new geographies, customers, and verticals.
The company has raised more than $60m in equity since it was founded, with Long Ridge joining existing backers Winton Capital and Accenture.
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