Resistant AI, a software-as-a-service (SaaS) company specializing in AI and machine learning security, has raised $16.6 million in Series A funding to safeguard automated financial systems from manipulation, fraud, and financial crime.
The Series A round was led by GV (formerly Google Ventures) with contributions from existing investors including Index Ventures, Credo Ventures, and Seedcamp, along with several angel investors focused on financial technology and security.
Founded in 2019 and based in Prague, Resistant AI plans to utilize this funding to address the growing demand from global financial institutions and to expand its product, engineering, and sales operations beyond Prague, London, and New York.
Research by the firm has revealed concerning statistics about financial document integrity: 17% of bank statements used for lending applications and ‘know your customer’ regulations worldwide are tampered with; 11% of UK payslips submitted for digital loan applications are altered or forged; 15% of company registration certificates presented globally for opening bank accounts are fake; and 9% of utility bills provided as proof of address worldwide are forged.
“The mission is to create an intelligent shield for autonomous financial systems, protecting them against increasingly sophisticated attacks,” stated Martin Rehak, CEO of Resistant AI. “This is essential to prevent epidemic fraud, excessive manual reviews, and the need for four-factor authentication on every online service.”
The company’s clientele includes KBC, Payoneer, Habito, Twisto, and several unnamed banks in the Czech Republic.