UK-based cybersecurity technology developer Ripjar has raised £28m ($36.3m) in a series B round from investors including professional services firm Accenture.
Long Ridge Equity Partners led the round, which included Winton Capital. Ripjar has raised in excess of $60m since it was founded in 2012.
The company has developed an artificial intelligence-equipped fraud prevention software tool aimed at enterprise customers including financial institutions, government agencies, energy and technology firms.
The latest funding will be used to develop new product offerings and expand the market share of Ripjar’s data intelligence platform, Labyrinth. The company will also boost the headcount of its sales and marketing teams in Asia, Europe and North America in a bid to support increased customer demands fuelled by the covid-19 pandemic.
Accenture had formed a strategic partnership with Ripjar, having also invested in the company through its corporate venturing subsidiary, Accenture Ventures, in 2018, which came a year after Winton led a $4.7m round.
Winton Ventures also made a “significant investment” in 2016, according to Startups.co.uk.
Jeremy Annis, CEO of Ripjar, said: “This investment signals enormous confidence in our world-leading data intelligence technology and ability to protect companies and governments from criminal behaviour which threatens their assets and prosperity.
“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 applications of the Labyrinth platform.”
