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ThetaRay is a fintech software and big data analytics company with headquarters in Hod HaSharon, Israel and New York, and offices in Madrid, London, and Singapore.
 | |
| Company type | Private |
|---|---|
| Industry | Big data analytics |
| Founded | 2013 |
| Founders |
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| Headquarters | , Israel |
| Website | www |
 | A major contributor to this article appears to have a close connection with its subject. (May 2022) |
The company provides AI-powered SaaS and on-premises anti-money-laundering (AML) transaction monitoring and sanctions screening software for banks,[1] fintechs, and government Financial Intelligence Units (FIUs).
The platform is also used to uncover unknown opportunities based on big data.[2] The company utilizes patented mathematical algorithms developed by the company founders.[3]
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]
- Winner of the 2014 Red Herring Top 100 Award, sector Security[25]
- Winner of the 2014 TiE50 Award[26]
- Winner of the 2014 Global Frost & Sullivan Entrepreneurial Company of the Year Award[27]
- Named Gartner Cool Vendor in Security for Technology and Service Providers, 2015[28]
- Winner of 2022 FinTech Breakthrough Award for Best AML Solution.[29]
- Winner of the 2022 CrossTech Innovation Award for Compliance Solution of the Year.[30]
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