History
ThetaRay was founded in 2013 by Amir Averbuch and Ronald Coifman. [4] Averbuch is a professor of computer science at Tel Aviv University with a main research focus on big data processing and analysis. [5] [6] Coifman is a professor of mathematics at Yale University and recipient of the 1999 National Medal of Science. His main research focus is on efficient computation and numerical analysis. [7] Mark Gazit, an international security expert and serial startup entrepreneur, [8] [9] is co-founder and CEO of ThetaRay. [10]
In June 2013, ThetaRay raised its seed funding from Jerusalem Venture Partners (JVP) as part of their cybersecurity portfolio. [11] Two months later, General Electric (GE) joined JVP as an investor [12] and ThetaRay launched its Advanced Analytics Platform for big data. [13] It was followed by operational risk solutions for financial organizations in April 2015. [14] In July 2015, ThetaRay opened an office in New York, [15] and two months later launched its Credit Risk Detection Model for online lending. [16] In December 2015, ThetaRay and PricewaterhouseCoopers signed a Joint Business Relations agreement. [17] [18] ThetaRay has customers such as ING Group that purchased ThetaRay’s Advanced Analytics solution for fraud detection. [19] ThetaRay opened an office in Singapore in July 2016. [20]
Version 4.0 of ThetaRay’s flagship product, released in July 2019, included major capability upgrades to help global banks detect and prevent financial crime[NG1] based on its powerful AI, replicating the powerful decision-making capabilities of human intuition to detect "unknown unknowns" that cannot be identified by first-generation AI or legacy products. [21]
In late 2019, Banco Santander began implementing ThetaRay’s solution to detect money laundering in cross-border payments, signing an agreement in June 2020 to operate the AML system in its branches. [22]
In April 2021, ThetaRay launched SONAR, a cloud-native SaaS version of its AML solution for transaction monitoring. [23]
In May 2021, ThetaRay raised $31 million in a Series C round, bringing to some $100 million the total investment in the company, by the following key investors: Jerusalem Venture Partners, OurCrowd, Saints Ventures, Benhamou Global Ventures, and Bank Hapoalim. [24]
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