Quantifind, a US-based financial risk management and anti-money laundering software developer, has raised $22m from investors including credit rating provider S&P Global and data analysis software provider Snowflake.
The round included In-Q-Tel, the venture capital representative of the US intelligence community, while Snowflake invested through corporate venturing arm Snowflake Ventures.
Founded in 2009, Quantifind provides software that uses artificial intelligence to screen information from sanction lists, watchlists, company data, legal entity registrations and online news sites for potential financial fraud or money laundering risks.
The company will use the funding to support its sales and marketing activities and explore new applications of its technology in financial health and intelligence investigations.
Marc Barrachin, managing director of new product development for S&P’s Global Market Intelligence division, said: “Quantifind is a pioneer in extracting meaning from hidden signals found across disparate data sources.
“Data on small and medium-scale private companies can be minimal or unavailable, and the ability to identify meaningful leading indicators signalling change in their financial health is critical to our customers. The Quantifind technology plays a vital role in extrapolating relevant signals for a large universe of companies.”
Quantifind raised $10.8m from investors including Andreessen Horowitz, AME Cloud Ventures, Redpoint Ventures and US Venture Partners (USVP) between 2009 and 2013, according to press releases and regulatory filings.
Comcast Ventures, the investment arm of mass media group Comcast, co-led a $12m round for Quantifind with Iris Capital in 2014 that also featured AME Cloud Ventures, Redpoint Ventures and USVP.
The company added $30m in a 2016 round led by Cathay Innovation and backed by Comcast Ventures, Redpoint Ventures, USVP, Iris Capital and AME Cloud Ventures.