Quantexa: Awash in Cash
August 13, 2020
As the COVID-19 pandemic continues to spread, crime has not stopped. Instead of illegal activities taking place in person, bad actors have moved their activities online. Cybersecurity experts discovered that the pandemic has also made bad actors more desperate and are willing to take more risks online. Inventiva explains with the rise of risky cyber crimes, cybersecurity companies are seeing huge investments such as: “Quantexa Raises $64.7M To Bring Big Data Intelligence To Risk Analysis And Investigations.”
Quantexa is a UK-based company that designed a Contextual Decision Intelligence. Machine learning platform that analyzes data points to track criminal activity and build better profiles of companies’ customer base. Quantexa recently raised $64.7 million in Series C fundraising. The funds will be used to develop further tools for cybersecurity and expand Quantexa into other continents.
Quantexa has done work for banks and other businesses in the financial industry. The company hopes the fundraising infusion will set them up with work in the government/public sector and insurance companies.
Quantexa founder and CEO Vishal Marria said he created the company, because he encountered many challenges with investigations while he was an Ernst & Young executive director. He noticed that when potential bad actors were investigated, only small pieces of information were used. Marria thought of a better way, so he designed AL algorithms and used big data to find the bigger picture:
“As an example, typically, an investigation needs to do significantly more than just track the activity of one individual or one shell company, and you need to seek out the most unlikely connections between a number of actions in order to build up an accurate picture. When you think about it, trying to identify, track, shut down and catch a large money launderer (a typical use case for Quantexa’s software) is a classic big data problem.”
This sector of cybersecurity continues to grow and similar companies to Quantexa are also fundraising with investors.
Pieces of information always point to a larger puzzle. It begs the question how bad actors were caught in the past.
Whitney Grace, August 13, 2020
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