ABN Amro’s Digital Impact Fund has taken an undisclosed stake in Israeli Big Data analytics firm Thetaray.
Using algorithms and progressive machine learning, Thetaray promises to detect financial crime patterns before they take place, with low false positive rates.
The firm last July banked a Series B fund-raising round of over $30 million with participation from Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB and others.
Hugo Bongers, director of ABN Amro Digital Impact Fund, said: “Our investment in ThetaRay strengthens the current operational relationship between the bank and ThetaRay. The market for these solutions driven by artificial intelligence is a major growth market across the world and is strategically relevant to all types of financial services. In addition, ABN Amro stands to benefit from access to the Israeli ecosystem of cybersecurity and financial crime detection firms, as well as the leading venture capital investors operating in this business, such as JVP (Jerusalem Venture Partners) and OurCrowd.”
ABN Amro’s EUR50 million Digital Impact Fund has previously taken stakes in Tink, BehavioSec, solarisBank, Ockto, Crosslend and Tealium.