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July 3, 2023

Prague's Resistant AI secures $11M to battle AI-driven financial attacks

Notion Capital fuels Resistant AI's Series A to $27.6M, propelling its fight against financial crime with AI

Prague-based Resistant AI is at the forefront of the battle against financial crime, leveraging the power of artificial intelligence. With its latest Series A extension, securing a substantial $11 million investment from Notion Capital, the company's total funding reaches an impressive $27.6 million. Notable investors in its initial round include GV, Index Ventures, Credo Ventures, and Seedcamp.

Resistant AI's cutting-edge products act as a crucial defense mechanism, fortifying financial systems against a range of attacks, from money laundering to fraudulent bank account openings. By harnessing the capabilities of AI and machine learning, Resistant AI's solutions provide a comprehensive and agile response to the evolving tactics employed by fraudsters.

Kamil Mieczakowski, Principal at Notion Capital, highlights the significance of Resistant AI's value proposition, stating, "Security and fintech are two critical areas of focus for Notion, and we are truly impressed by how Resistant AI seamlessly combines them. Synthetic identity fraud, the fastest-growing financial crime in the US, has resulted in staggering losses of $6 billion to the banking sector in 2021 alone. Resistant AI's product stands out as the only all-encompassing solution that can keep pace with these fraudsters. We are thrilled to collaborate with them to meet the escalating demand for their groundbreaking solution."

Interpol statistics underscore the scale of the challenges faced by banks and fintech companies. A staggering 17% of bank statements, utility bills, and paychecks used for lending applications and KYC purposes worldwide are manipulated, while 15% of company registration certificates submitted for opening bank accounts are counterfeit. Additionally, money laundering remains a pervasive issue, with the UN estimating that between 2-5% of global GDP is laundered annually.

Martin Rehak, CEO and founder of Resistant AI, emphasizes the urgency of adopting innovative approaches in combating financial crime. He states, "The shift from traditional finance to fintech has opened up new avenues for creativity and customer opportunities. However, it has also attracted criminals looking to exploit these emerging services. Conventional methods of tackling financial crime are unable to keep up with the constantly evolving threats. Resistant AI's groundbreaking application of machine learning effectively addresses these challenges head-on."

Rehak further adds, "With the backing of Notion Capital's investment, we can build upon our current success and expand our solution to more institutions, providing robust protection against these increasingly insidious threats. Partnering with Notion Capital is particularly exciting due to their expertise and track record in nurturing the growth of computer security companies."

Resistant AI's mission to safeguard financial systems with AI-driven innovation marks a significant milestone in the ongoing battle against financial crime. As the demand for advanced security solutions intensifies, Resistant AI is poised to make a lasting impact by ensuring the resilience of the financial sector.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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