Intelligo Group, an Israeli company developing tech that automates background checks, has raised $5.7 million in a Series A round from New York-based investment firm Governing Dynamics and Eileen Murray, Co-CEO at Bridgewater Associates.
The new funds will be invested in R&D for its machine learning and AI-based Clarity platform that carries out background checks and due diligence on investments and individuals. The platform is used by investment banks to vet potential investments or sharing economy businesses checking the backgrounds of drivers and tenants.
“Automating this level of research was always considered the unattainable holy grail,” said Shlomo Mirvis, CEO of Intelligo, “however, we have succeeded in automating complex and comprehensive background checks, fulfilling our vision of bringing due diligence into the 21st century.”
The market for background checks is worth an estimated $50 billion, said Alex Mashinsky, founding managing partner at Governing Dynamics.
“When we saw Intelligo’s platform, we realised that it answers a real market need by quickly and efficiently processing enormous amounts of data, analyzing the results, and then producing actionable reports all in a fraction of the time that manual checks are conducted,” he said.