IVIX, a firm developing a platform aimed at assisting governments in identifying widespread financial crimes and tax evasion, has bagged $12.5m.
Insight Partners led the Series A investment, with additional contributions from Team8, Citi Ventures, and Cardumen Capital.
IVIX’s state-of-the-art technology utilises publicly available data to provide tax authorities with vital insights into the shadow economy. This allows governments to address issues related to tax evasion on a large scale, thereby aiding in the prevention and detection of financial crimes.
The fresh funding will be instrumental in accelerating IVIX’s research and development capabilities. This expansion will enhance the company’s ability to assist more governments in identifying financial crimes and closing the existing tax gap.
Additional information about the company reveals its promising journey since its inception in 2020 by CEO Matan Fattal and CPO Doron Passov. Both have experience in elite intelligence units, with Fattal’s previous stint in unit 8200 and founding CEO position at Sliverfort. Passov’s experience includes serving in the IDF’s unit 81 and working as a senior product manager at Gita Technologies. Currently, IVIX employs 30 people, mainly based in Israel, and has already proven its effectiveness in reducing crime and recovering laundered capital, amounting to hundreds of millions of dollars.
IVIX CEO Matan Fattal said, “The Seed fundraising took place during the good old days of 2021, while the Series A occurred in a more challenging period, which is why it is lower. Despite the difficulties, there has been a significant positive growth in the value of the company. Raising the current round was a very different experience. The market conditions were tougher, but the company is in a much better situation now.
“The market we are targeting is limited, and each of our contracts amounts to a few million dollars a year. We hope to achieve contracts worth ten million dollars a year in the future. The platform has already proven its effectiveness in reducing crime and recovering laundered capital, amounting to at least hundreds of millions of dollars.”
The recent funding of $12.5m adds to IVIX’s total investment to date, which now stands at $25.5m.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst