# ThetaRay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/thetaray

- Industry: IT Security/Cybersecurity
- Headquarters: Hod HaSharon, Israel
- Website: www.thetaray.com
- Total disclosed funding: $113M
- Latest round: Series E (Sep 4, 2023)
- Investors on record: 8

## About

Based in Israel, ThetaRay Ltd. is a financial technology company that delivers innovative Cognitive AI solutions to combat financial crime, helping institutions enhance their compliance and risk management processes.Founded in 2013 and headquartered in Hod HaSharon, Israel, ThetaRay Ltd. specializes in advanced analytics for financial crime compliance. The company has successfully closed 10 deals and raised a total of USD 57.00 mn in funding, with the latest being a SERIES E round led by Portage Capital, which also included Jerusalem Venture Partners and OurCrowd. Mark Gazit serves as both CEO and founder.ThetaRay specializes in providing Cognitive AI solutions for financial crime compliance, focusing on enabling financial institutions to enhance their transaction monitoring and risk management capabilities. Their core offerings include real-time transaction and customer screening, which allows clients to identify and mitigate risks associated with suspicious activities, and dynamic customer risk assessments that analyze data to provide insights into customer behavior and transaction trends. These solutions improve operational efficiency, reduce false positives, and enhance the customer experience by swiftly distinguishing between legitimate transactions and potential financial crime threats. ThetaRay serves a diverse client base that includes banks, fintech companies, and payment service providers across global markets such as North America, Europe, Asia, and the Middle East, ensuring compliance with stringent anti-money laundering regulations while fostering trust and growth.ThetaRay generates revenue primarily through its subscription-based SaaS (Software as a Service) model, where clients pay for access to its suite of compliance solutions tailored for financial crime detection. The transaction structure typically involves annual or monthly subscription fees, allowing clients to leverage ThetaRay’s advanced AI capabilities effectively. By collaborating with notable financial institutions, such as Santander, ThetaRay enhances its visibility in the market while addressing the complex needs of its customers. The revenue is bolstered through partnerships with global financial entities that seek to implement ThetaRay's robust compliance tools, facilitating a seamless integration into their existing systems and processes. Each client engagement is designed to provide customized solutions that align with their operational frameworks and regulatory requirements, enabling sustainable growth for both ThetaRay and its clients.ThetaRay Ltd. is focused on launching new products aimed at further enhancing its AI capabilities for financial crime detection. The company plans to expand its market presence in regions including Asia and Europe by the end of 2024. The recent funding of USD 57.00 mn from the SERIES E round will be instrumental in supporting these initiatives, including product development and international market penetration.

## Funding rounds

- Series E, Sep 4, 2023, $57M — Jerusalem Venture Partners, Portage Capital, OurCrowd
- Series D, May 18, 2021, $31M — Jerusalem Venture Partners, Bank Hapoalim, BGV, OurCrowd
- Series C, Dec 1, 2015, $15M — Jerusalem Venture Partners, Bank Hapoalim, General Electric Company, Alibaba Group
- Series B, Jul 29, 2014, $10M — Jerusalem Venture Partners, Poalim Equity, General Electric Company

## Investors

- Jerusalem Venture Partners (https://capitalatlas.ai/funds/jerusalem-venture-partners) — Series B, Series C, Series D, Series E
- Poalim Equity — Series B
- General Electric Company — Series B, Series C
- Bank Hapoalim — Series C, Series D
- Alibaba Group — Series C
- BGV (https://capitalatlas.ai/funds/bgv) — Series D
- OurCrowd (https://capitalatlas.ai/funds/ourcrowd) — Series D, Series E
- Portage Capital (https://capitalatlas.ai/funds/portage-capital) — Series E