EverC Raises $35 Million to Prevent Money Laundering Using AI

EverC, a New York-headquartered startup that uses AI to detect and prevent money laundering, raised $35 million in a Series B funding round. Red Dot Capital Partners, an Israel based venture capital firm, led the round with participation from existing investors such as Joey Low, Viola Ventures, Arbor Ventures, and American Express Ventures. The funds will help to meet growing demands and for the expansion of the company.

Founded in 2008 by RonTeicher, Noam Rabinovich, and Raz Abramov, EverC uses artificial intelligence and machine learning techniques to assess millions of payment domains and effectively categorize them. By highlighting the hidden relationships and risks, the insights identify an entityโ€™s full digital fingerprint and reveal new opportunities to scale businesses efficiently and confidently. It helps to detect online money laundering and also clean marketplaces from illegal products.

EverC has two major products, MerchantView and MarketView. MerchantView is the industry-leading tool for the detection and prevention of transaction laundering over online payment channels. Using advanced cyber intelligence techniques, MerchantView identifies risks and exposes cybercriminals who may take advantage of the anonymity on the internet and engage in illegal activities. MarketView, on the other hand, uses machine learning and AI technology to find illicit marketplace listings by analyzing text, images, and metadata. By scanning millions of listings for illegal or counterfeit goods, marketplaces can quickly and seamlessly attain online safety and compliance, eliminating brand-damaging activity.

In the current pandemic situation, commerce has moved online. While e-commerce was already rising before the pandemic, COVID-19 has forced the adoption of digital payments, leading to an increase in malicious and fraudulent activities. According to the company, around $500 billion is laundered annually through fraudulent e-commerce transactions. Also, 6 to 10 million online merchants use some online payment systems to process transactions without knowing the financial institution theyโ€™re using to process those transactions. A fraud prevention service like EverC is the need of the hour to reduce online crime and help boost e-commerce growth.

Source: https://www.timesofisrael.com/startup-that-uses-ai-to-foil-online-money-laundering-raises-35-million/#gs.fyh65p

Consultant Intern: Currently in her third year of B.Tech from Indian Institute of Technology(IIT), Goa. She is an ML enthusiast and has a keen interest in Data Science. She is a very good learner and tries to be well versed with the latest developments in Artificial Intelligence.

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