Tangos grabs $20M in funding to take on the bad guys by automating financial crime investigations
Tangos AI Inc., a startup that uses artificial intelligence to conduct financial crime investigations at unprecedented scale, said today it has closed on $20 million in seed funding.
The round was led by Red Dot Capital Partners and saw participation from Leaders Fund, Clarim, Venture Israel, Signal Fire, Clutch Capital and Selah Ventures, as well as Bright Data Inc., which made a strategic investment into the company.
Tangos believes there’s a big opportunity to help financial institutions, government agencies and intelligence organizations crack down on financial crime. The United Nations estimates that the amount of money laundered globally each year is equivalent to around 2% to 5% of the global gross domestic product, or between $800 billion and $2 trillion per year. Meanwhile, data suggests that financial crime generates more than $1.5 trillion in illicit proceeds annually.
Financial organizations have no way to keep up. They’re currently facing increasing regulatory expectations and rising alert volumes, while dealing with a global shortage of experienced investigators. Because of this, they can only prioritize the investigation of a fraction of suspicious financial activities, with significant risk left uninvestigated.
