With the latest round of funding, Ripjar aims to expand its sales and marketing presence, and grow its employee base to support current and future clients.
Today (24 September), UK-based data intelligence start-up Ripjar announced that it has raised $36.8m in Series B funding from Long Ridge Equity Partners.
To date, the company has raised more than $60m, with existing investors including Winston Capital and Accenture.
Ripjar said the fresh funding will accelerate new product development and facilitate the expansion of its data intelligence platform, Labyrinth. The start-up also plans to expand its sales and marketing presence in Asia, North America and Europe, while growing its employee base to support current and future clients.
The business was founded in 2013 by a team of five former employees of the UK government’s communication headquarters.
Ripjar has built a platform to help institutions and government agencies address criminal threats including money laundering, fraud and terrorism. Its Labyrinth platform uses proprietary artificial intelligence to uncover new risks and reduce the occurrence of false positives.
The start-up said that Labyrinth enables human analysts to make better-informed decisions with speed and accuracy, saving time and money for clients.
During Covid-19, the business doubled in size and expanded its product offering. It said that the pandemic accelerated the need for “cutting-edge technology solutions to tackle systemic vulnerabilities”, which have become more evident as businesses and organisations shift to remote working.
Ripjar said that it has recently reached the 20,000 user mark and signed six new customers during Covid-19. The firm added that it has become profitable during this period.
Jeremy Annis, chief executive of Ripjar, said: “We are excited to partner with Long Ridge who bring expertise and resources in scaling fast-growing software companies.”
He added that the investment “signals enormous confidence” in the start-up’s technology and its ability to protect companies and governments from criminal behaviour.
“With this funding, we will accelerate the expansion of Ripjar worldwide to provide our customers with the most advanced financial crime solutions, as well as creating new iterations of the Labyrinth platform.”