Quantexa Raises $3.3m in Series A Within its First Year, Led by Albion Ventures
Written by Quantexa
Published: 7th Mar 2017
March 2017: Entity Resolution and Network Analytics start-up plans further product development and international expansion
Quantexa Limited today announced that it has closed a $3.3 million investment, led by Albion Ventures and HSBC. Quantexa’s rapid growth has underpinned a Series A fundraising within its first year, with the new capital used to further accelerate product development and international expansion.
Founded in 2016 by a team of world-class software, data and advanced analytics experts, Quantexa currently uses big data analytics to tackle complex financial crime and data challenges within the financial services, corporate and public sectors. In its first year, the Company has been awarded several significant enterprise mandates in its target sectors.
The investment will enable Quantexa to further accelerate the development of its revolutionary Entity Resolution and Network Analytics software, which has a unique ability to resolve entities and build networks in real time and batch, and further derive meaningful intelligence through AI and Machine Learning. The investment will also be used to support Quantexa’s international expansion, with new offices in Brussels, Sydney and New York opening throughout 2017.
Quantexa’s growth comes at a time when businesses are under increased pressure to optimise their use of data to combat financial crime challenges and improve the customer experience from both advanced analytics and AI. Industry analysts Forrester predicts that investments in AI will grow 300% in 2017 and Gartner forecasts that 50% of all analytical interactions will be delivered via AI in the next three to five years. The current market for advanced analytical service providers is estimated to be worth approximately $16bn. In addition, WealthInsight estimates that spending on AML compliance alone will total $8bn in 2017, growing at 9% pa.
In 2016, Quantexa also won the prestigious SWIFT Innotribe Industry Challenge on Compliance looking at complementing the SWIFT KYC Registry. It enabled the company to further develop its products in collaboration with the Innotribe team and SWIFT’s financial crime compliance management team.
Vishal Marria, CEO, commented: “Driving intelligence from internal and external data is a constant challenge organisations face. At Quantexa we feel we have built the next generation of Entity Resolution and Network Analytics software to support our clients in dynamically building a truly 360-degree view of their clients and their network relationships. Our aim is to become the global leader in Entity Resolution and Network Analytics and are delighted to have successfully completed this round of investment with HSBC and Albion Ventures. We look forward to working closely with our new investors in making this aim a reality by supporting our clients and partners.”
Imam Hoque, COO and Global Head of Product, commented; “Along with our investors / new partners, we are looking forward to accelerating our international footprint and scope of products to provide customers essential entity resolution and network analytics capability. This is crucial in driving real value from the artificial intelligence being deployed in their rapidly expanding data lake environments. We see significant growth potential as organisations evolve to make intelligent data driven decisions central to all their operations.”
Ray O’Brien, HSBC’s Global Risk COO and Head of Global Risk Analytics, said: “HSBC is constantly striving to improve the way we detect and prevent financial crime, and we are keen to explore technologies which help us build on existing capabilities. Quantexa has developed powerful applications of network analytics to this field, and we look forward to being more closely associated with their future development.”
Ed Lascelles, Partner at Albion Ventures, commented: “Albion’s tech investments are focused on digital B2B companies, with data analytics a core focus for us. What sets Quantexa apart is the team’s unrivalled domain expertise coupled with their cutting edge technical capability. They have a huge opportunity to build an industry-leading business and we look forward to supporting them on their journey.”
Quantexa help the world’s largest companies and institutions make better decisions from their data. Quantexa’s software uses advanced Entity Resolution and Network Analytics to knit together and derive real intelligence from vast and disparate data sets, in both batch and real-time. They are led by a team of experts with a collective experience of over a century in advanced analytics and data focused solutions.
You may be interested in…
Deloitte and Quantexa Partner to Tackle Global Illicit Finance and Economic Crime Risk
Deloitte will utilise Quantexa’s Contextual Decision Intelligence (CDI) platform to enable its clients to leverage technology and analytics as part of robust Economic Crime Governance and Risk Management Frameworks.
Danske Bank Deploys Quantexa’s AI Platform For Financial Crime Detection
Danske Bank uses Quantexa’s platform to uncover the real-world context in data to detect financial crime and improve investigations.
Quantexa Joins Award-Winning Innovation Center Tomorrow Street
Quantexa’s technology provides powerful insights to businesses by identifying relationships between entities and hidden links within Tomorrow Street’s data sets.
Quantexa Adds Industry Leaders To Advisory Board To Support Global Growth
Former JP Morgan Chase CIO and ex-chairman of KPMG join Quantexa’s advisory board following successful $65m Series C funding round
Quantexa Appoints Laura Hutton as New Chief Customer Officer
Quantexa has appointed Laura Hutton as new Chief Customer Officer to accelerate our commitment to putting the voice of the customer at the center of the organization.
Quantexa Raises $64.7m in New Series C Funding to Drive Hyper-Growth in Big Data and Analytics Ecosystem
Additional investments will expand quantexa’s global and industry footprint and its contextual decision intelligence platform as category-leading technology
Reduce the tax gap, identify fraud and non-compliance, and operate as efficiently as possible with limited resources.
Reveal hidden risks and detect criminal activity faster. Reduce false positives to manage the cost of compliance. And improve investigations to make faster and more consistent decisions at scale.
Customs Agencies & Border Control
Contextual Decision Intelligence enables faster decisions, increased revenue collection and enhanced compliance. The Quantexa platform enables Customs and Border agency teams to analyze data successfully, automate and accelerate decision-making, and achieve improved results.
Identify potentially fraudulent activity by looking at people or transactions in isolation. Understand the context surrounding the organizations you do business with to make fast, accurate decisions.
Fraud, Waste & Abuse
Empower your team with the best tools available for today’s challenges to identify and prevent fraud, waste and abuse with contextual decision intelligence software.
Understand your customers, their business structures and supply chains. Make better lending decisions, faster. And support digital risk transformation.
Know Your Customer
Reduce significant manual effort across onboarding, refreshes and remediation. Automate checks, implement continuous monitoring, and focus on contextual decision making.
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.
Master Data Management
Connect all data—internal and third party—to create a joined-up, contextual view of all the relationships between your customers and every other domain.
See how we help to reduce costs and improve coverage for financial crime compliance.
See how our platform uses contextual analysis to turn data into a high value asset.
See how our platform uses financial crime technology to enhance your existing IT ecosystem.