Software Tech

Deal Dive: This AI startup is racking up government customers

Tax evasion, money laundering and other financial crimes are massive, costly issues. In 2021, the Internal Revenue Service estimated

Deal Dive: This AI startup is racking up government customers

evasion, and other financial crimes are massive, costly issues. In 2021, the estimated that the U.S. loses $1 trillion year due to tax evasion alone. IVIX thinks can help with that.

The Tel Aviv–based startup uses AI, and public of business activity to help government entities spot tax noncompliance, in to other financial crimes. IVIX was founded by Matan Fattal and Doron Passov in 2020. Fattal was working at his prior cybersecurity startup, Silverfort, at the , but when he discovered how large of an issue these financial crimes are — and how governments didn't have the to fight them — he switched gears.

“I was shocked by the magnitude of the problem and the technical that they had,” Fattal told TechCrunch+. “ or federal, there are pretty much the same [technological] gaps.”

Three years later, the startup has landed government contracts with federal agencies, including the IRS criminal investigation bureau; made notable hires like Don Fort, the former chief of criminal investigations at the IRS; and raised a $12.5 million Series A led by Insight Partners, which was announced last week.

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Rebecca Szkutak

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