ThetaRay is an Israeli startup that offers an AI-based AML platform branded Sonar, which automatically scans and flags illicit transaction activity across a range of financial flows. Its product is applied to multiple contexts including correspondence banking to detect complex laundering schemes. Named customers include Santander Bank and Travelex, alongside other large corporates and fintech startups. The company has seen rapid commercial growth: its customer base grew ten-fold in the last year and annual recurring revenue grew five-fold. ThetaRay plans to continue scaling in fintech and corporate payments and has said it intends to pursue a public listing when market conditions are more amenable. It has raised around $160 million to date and is using the latest funding to extend runway and scale the business. ThetaRay Ltd. disclosed a $31 million financing round announced May 18, 2021. The round was co-led by new investor Benhamou Global Ventures LLC and existing investor Jerusalem Venture Partners. Additional participation came from new investor Saints Capital Services, LLC, existing investor OurCrowd Ltd., Bank Hapoalim B.M., and other investors. Benhamou Global Ventures LLC and Saints Capital Services, LLC were appointed observers to ThetaRay's board. The company has raised more than $90 million in funding to date. The articles do not provide details on ThetaRay's core product, future plans, or operating metrics. ThetaRay provides machine learning and AI-driven analytics to help financial institutions detect the earliest signs of money laundering and other financial crime. Its technology is based on patented algorithms developed by mathematicians over more than a decade and can detect anomalies in real time. The platform is used to manage risk, detect money-laundering schemes, uncover fraud, expose bad loans, surface operational issues and reveal new growth opportunities. The company completed an over $30m funding round and has raised more than $60m in total to date. ThetaRay intends to use the capital to expand its presence in Europe, Asia and the US, increase its workforce and scale operations. The company is led by CEO Mark Gazit and is based in Hod HaSharon, Israel. ThetaRay develops hyper-dimensional, multi-domain big data analytics to detect subtle, previously hidden signs of cyber threats across multiple data sources. Its technology is designed to protect physical infrastructure, financial contracts and other critical assets by identifying abnormal behavior that indicates attacks. The company traces its core algorithms to seven years of academic research by founders Professors Amir Averbuch and Ronald Coifman. ThetaRay is led by CEO Mark Gazit and a team with deep cybersecurity and big-data experience, including CTO Daphna Steinmetz and VP of product marketing Udi Solomon. The company says it is approximately one year old, with ten years of underlying research, employs about 20 people and expects to double headcount; it has a small but steadily increasing number of customers, including very large organizations. ThetaRay plans geographic expansion (opening a U.S. office) and to move into additional verticals such as telecom and healthcare. ThetaRay is a Jerusalem, Israel-based provider of solutions to protect critical infrastructure. It was founded by Prof. Amir Averbuch of Tel Aviv University and Prof. Ronald Coifman of Yale, and is led by CEO Mark Gazit. The company’s core product detects Zero Day threats and APT attacks, covert hostile operations that customize methods to their mark using malicious code and technical skills that are difficult to detect. ThetaRay’s solutions have been deployed by large commercial entities, government, and homeland security organizations in Israel and around the world. The company received an investment from Poalim Capital Markets; the amount of the transaction was not disclosed. ThetaRay had previously received investments from JVP and GE.

Total raised

$128M

Funding rounds

6

Latest round

Equity

Latest activity

Sep 2023