Israeli cyber intelligence company EverCompliant has raised $9.5 million in a Series A round led by Arbor Ventures along with previous investors Carmel Ventures, Star Farm Ventures, and Nyca Partners.
The company, which provides technology to banks and financial institutions to detect and prevent transaction laundering, has offices in Tel Aviv and New York and now plans to open an office in Asia next year as well as use the new funds to expand into more markets and invest further in R&D.
Transaction laundering remains a huge problem, according to EverCompliant, particularly in the US. The company claims it’s the only solution on the market designed to detect transaction laundering.
“As ecommerce has evolved, money laundering has morphed into a new digital form,” said CEO Ron Teicher. “This online epidemic is spreading faster, and is much more accessible and harder to detect. Most concerning is that transaction laundering is occurring right under the noses of regulators worldwide.”
Melissa Guzy from Arbor Ventures will be joining EverCompliant’s board of directors.
“The talented team at EverCompliant continues to develop technology that is protecting some of the world’s largest financial institutions across the globe from association with illicit and brand damaging activities, ultimately saving them a significant amount of money and harm to their reputation,” she said.