Today (24 September), UK-based data intelligence start-up Ripjar announced that it has raised $36.8m in Series B funding. To date, the start-up has raised over $60m.
The latest round of funding was led by Long Ridge Equity Partners, which joined existing investors Winston Capital and Accenture. The start-up said that funding will accelerate new product development and facilitate the expansion of Ripjar’s data intelligence platform, Labyrinth.
Ripjar also plans to expand its sales and marketing presence in Asia, North America and Europe, while growing its employee base to support current and future clients.
The firm was co-founded in 2013 by a team of five former employees of the UK government’s communication headquarters (GCHQ).
The company has built a platform that helps institutions and government agencies address criminal threats including money laundering, fraud and terrorism. Ripjar’s Labyrinth platform uses proprietary artificial intelligence (AI) to uncover new risks and reduce the occurrence of false positives.
Ripjar believes that Labyrinth enables human analysts to make better-informed decisions with speed and accuracy, saving time and money for its clients. During Covid-19, the business has doubled in size and expanded its product offering.
In a statement, the company said: “The pandemic has further accelerated the need for cutting-edge technology solutions to tackle systemic vulnerabilities that have become more evident as businesses and public sector organisations shift to remote digital working.”
Ripjar said that it has recently reached the 20,000 user mark and has signed six new customers during the Covid-19 pandemic. The firm also said that it has become profitable during the same period.
Jeremy Annis, chief executive of Ripjar, said: “We are excited to partner with Long Ridge who bring expertise and resources in scaling fast-growing software companies.”
The CEO said that the investment “signals enormous confidence” in the start-up’s technology and its ability to protect companies and governments from criminal behaviour.
“With this funding, we will accelerate the expansion of Ripjar worldwide to provide our customers with the most advanced financial crime solutions, as well as creating new iterations of the Labyrinth platform,” Annis added.