Company:ThetaRay

From HandWiki
Short description: Cyber security and data analytics company
ThetaRay
TypePrivate
IndustryBig data analytics
Founded2013
Founders
  • Amir Averbuch
  • Ronald Coifman
  • Mark Gazit
Headquarters
Hod HaSharon
,
Israel
Websitewww.thetaray.com

ThetaRay is a fintech software and big data analytics company with headquarters in Hod HaSharon, Israel and New York City , and offices in Madrid, London, and Singapore.

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]

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]

Starting in 2017, ThetaRay pivoted to focus and tailor its platform for the needs of financial institutions that were showing interest in the value of its AI technology for anti-fraud and anti-money laundering monitoring operations and its low false positive rates.[21]

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.[22]

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.[23]

In April 2021, ThetaRay launched SONAR, a cloud-native SaaS version of its AML solution for transaction monitoring.[24]  

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.[25]

Awards

  • Winner of the 2014 Red Herring Top 100 Award, sector Security[26]
  • Winner of the 2014 TiE50 Award[27]
  • Winner of the 2014 Global Frost & Sullivan Entrepreneurial Company of the Year Award[28]
  • Named Gartner Cool Vendor in Security for Technology and Service Providers, 2015[29]
  • Winner of 2022 FinTech Breakthrough Award for Best AML Solution.[30]
  • Winner of the 2022 CrossTech Innovation Award for Compliance Solution of the Year.[31]

See also

References

  1. ↑ Cornwell, Alexander (2022-02-14). "Israeli cyber security firm ThetaRay seals first Emirati contract" (in en). Reuters. https://www.reuters.com/business/finance/uae-bank-mashreq-use-israeli-financial-crime-detection-tool-2022-02-14/. 
  2. ↑ "Company Overwiew of TheaPays Ltd.". Bloomberg. 21 October 2016. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=244119885. Retrieved 26 October 2016. 
  3. ↑ "ThetaRay Advanced Analytics Platform". SC Magazine. 2 May 2016. https://www.scmagazine.com/thetaray-advanced-analytics-platform/article/489614/. Retrieved 26 October 2016. 
  4. ↑ "Israel's ThetaRay turns to maths to detect cyber threats". Reuters. 21 October 2014. https://www.reuters.com/article/us-thetaray-cybersecurity-idINKCN0IA1JV20141021. Retrieved 26 October 2016. 
  5. ↑ "Amir Averbuch". Tel Aviv University. https://www.cs.tau.ac.il/~amir1/. Retrieved 27 October 2016. 
  6. ↑ "Mathematics Genealogy Project". North Dakota State University. https://www.genealogy.math.ndsu.nodak.edu/id.php?id=55496. Retrieved 26 October 2016. 
  7. ↑ "Ronald Coifman, Ph.D., University of Geneva, 1965". Yale University. http://cpsc.yale.edu/people/ronald-coifman. Retrieved 26 October 2016. 
  8. ↑ "Shay Livnat Buying SkyVision for $4 Million". Israel News. 13 July 2006. http://www.haaretz.com/news/shay-livnat-buying-skyvision-for-4-million-1.192931. Retrieved 26 October 2016. 
  9. ↑ "Mark Gazit". Bloomberg. 21 October 2016. https://www.bloomberg.com/research/stocks/private/person.asp?personId=406680&privcapId=244119885. Retrieved 27 October 2016. 
  10. ↑ "10 security start-ups to watch". Network World. 30 June 2014. http://www.networkworld.com/article/2369039/security0/10-security-start-ups-to-watch.html. Retrieved 26 October 2016. 
  11. ↑ "Start-ups ride a cybersecurity wave into Israel". Times of Israel. 17 June 2013. http://www.timesofisrael.com/start-ups-ride-a-cybersecurity-wave-into-israel/. Retrieved 26 October 2016. 
  12. ↑ "Cyber Security firm ThetaRay bags investment from General Electric". Venture Capital Post. 5 August 2013. http://www.vcpost.com/articles/13135/20130805/cyber-security-firm-thetaray-bags-investment-general-electric.htm. Retrieved 26 October 2016. 
  13. ↑ "Cool Startup: ThetaRay". Bizety. 19 April 2014. https://www.bizety.com/2014/04/19/cool-startup-thetaray/. Retrieved 26 October 2016. 
  14. ↑ "Finding Fraud, Cyberthreats When You Don't Know Where to Look". American Banker. 15 April 2015. http://www.americanbanker.com/news/bank-technology/finding-fraud-cyberthreats-when-you-dont-know-where-to-look-1073770-1.html?zkPrintable=1&nopagination=1. Retrieved 26 October 2016. 
  15. ↑ "ThetaRay Launches US Office and North American Push". Infosecurity Magazine. 14 July 2015. http://www.infosecurity-magazine.com/news/thetaray-launches-us-office-north/. Retrieved 26 October 2016. 
  16. ↑ "ThetaRay Presents its Fraud and Credit Risk, Big Data Analytics Program". Finovate. 17 September 2015. http://finovate.com/thetaray-presents-its-fraud-and-credit-risk-big-data-analytics-program/. Retrieved 27 October 2016. 
  17. ↑ "PwC and ThetaRay Sign Joint Business Relationship to Help Companies Minimize Critical Risks". ForwardGeek. 2 December 2015. https://www.forwardgeek.com/article/PwC-and-ThetaRay-Sign-Joint-Business-Relationship-to-Help-Companies-Minimize-Critical-Risks-20151202-page2. Retrieved 27 October 2016. 
  18. ↑ "PwC, ThetaRay Partner on Data Analytics". eWeek. 12 October 2015. http://www.eweek.com/small-business/pwc-thetaray-partner-on-data-analytics.html. Retrieved 26 October 2016. 
  19. ↑ "ThetaRay Signs with ING Netherlands to Detect SME Lending Fraud". Finovate. 20 June 2016. http://finovate.com/thetaray-signs-with-ing-netherlands-to-detect-sme-lending-fraud/. Retrieved 27 October 2016. 
  20. ↑ "SG Dealbook: ThetaRay opens office; Noble rights issue oversubscribed". DealStreetAsia. 27 July 2016. http://www.dealstreetasia.com/stories/sg-dealbook-43-48516/. Retrieved 26 October 2016. 
  21. ↑ "Transforming the way the world deals with data - intelligent anomaly detection by ThetaRay" (in en). https://thesiliconreview.com/magazine/profile/transforming-the-way-the-world-deals-with-data---intelligent-anomaly-detection-by-thetaray. 
  22. ↑ "ThetaRay offering uses AI against financial cybercrime" (in en). https://securitybrief.asia/story/thetaray-offering-uses-ai-against-financial-cybercrime. 
  23. ↑ June 2020, 4th (2020-06-04). "Santander deploys ThetaRay's AML solution for correspondent banking" (in en-GB). https://www.fintechfutures.com/2020/06/santander-deploys-thetarays-aml-solution-for-correspondent-banking/. 
  24. ↑ "ThetaRay launches anti-money laundering AI and analytics for the cloud" (in en-US). 2021-04-26. https://venturebeat.com/2021/04/26/thetaray-launches-anti-money-laundering-ai-and-analytics-for-the-cloud/. 
  25. ↑ May 2021, 20th (2021-05-20). "ThetaRay raises $31m to fuel cross-border payments expansion" (in en-GB). https://www.fintechfutures.com/2021/05/thetaray-raises-31m-to-fuel-cross-border-payments-expansion/. 
  26. ↑ "2014 Red Herring Europe Top 100 Winners". Red Herring. http://www.redherring.com/events/red-herring-europe/2014winners/. Retrieved 26 October 2016. 
  27. ↑ "2014 TiE50 Winners". TiE. http://www.tie50.net/TiE50Awards/TiE50_Winners_2014.asp. Retrieved 26 October 2016. 
  28. ↑ "Frost & Sullivan Applauds ThetaRay’s Path Breaking, Context-free Intrusion Detection Technology for the Industrial Internet and Financial Institutions". Frost & Sullivan. 10 February 2015. http://ww2.frost.com/news/press-releases/frost-sullivan-applauds-thetarays-path-breaking-context-free-intrusion-detection-technology-industrial-internet-and-financial-in/. Retrieved 26 October 2016. 
  29. ↑ "Cool Vendors in Security for Technology and Service Providers, 2015". Gartner. 23 April 2015. https://www.gartner.com/doc/3036119/cool-vendors-security-technology-service. Retrieved 27 October 2016. 
  30. ↑ "2022 Winners" (in en-US). https://fintechbreakthrough.com/2022-winners/. 
  31. ↑ "Meet Our Winners - CrossTech" (in en-US). https://crosstechpayments.com/meet-our-winners/. 

External links



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