Resistant AI, a SaaS AI-based security company and machine learning that protects automated financial systems from manipulation, fraud and financial crime, secured 16.6 million dollars Series A funding.
The funding round was led by GV (formerly Google Ventures), with the participation of existing investors Index Ventures, Credo Ventures and Seedcamp, as well as several angel investors specializing in fintech and security sectors.
The Prague-based startup, founded in 2019, says the new funding will be used to meet growing demand from global financial institutions and to develop product, engineering and sales teams beyond Prague, London and New York.
In fact, the company’s clientele includes KBC, Payoneer, Habito and Twisto, as well as some unnamed Czech banks. So far, the data gathered by the company show that 17% of bank statements used for lending applications, regarding customer acquaintance and other purposes worldwide, have been falsified.
For example, 11% of UK payrolls submitted digitally are alleged to be corrupted or fake. At the same time, 15% of the registration certificates of companies filed internationally when opening a bank account are forged. It is also noted that 9% of utility bills submitted as proof of address worldwide are forged.
“Our mission is to create a smart shield for autonomous financial systems to protect them from these ever-evolving, increasingly intelligent attacks. This is the only way to avoid cheating, manual authentication on every online service,” said Martin Rehak, CEO of Resistant AI.