Resistant AI Secured Seed Round Funding $2.75million
The Fintech space has witnessed lot of cyber-crime in recent years, of course it’s involves money. Resistant AI is here to rescue you, the Prague based Financial Startup has received $2.75 million funding at their seed round, which is fantastic. The security startup’s machine learning technology is designed to be deployed on top of AI systems used for financial decision making to protect customers in markets such as financial services and ecommerce from attacks such as targeted manipulation, adversarial machine learning and advanced fraud.
The startup provides an extra layer of security to Fintech companies who’re running automated functions such as credit risk scoring and anti-money laundering by using tech to detect fake documents that feed such systems. it’s Tech, is aimed in uncovering suspicious, patterns of transactions which might indicate a strategic attack on the model itself or an attempt to copy sensitive data.
Resistant AI has two products it offers its customers at this stage: First, document inspection. It offers a machine learning system that’s designed to flag and reject “malicious documents” submitted for automated processing. “Bank statements, payslips, invoices, purchase orders and KYC documents submitted to fintechs and banks are frequently manipulated or completely falsified,” explained Rehak. “Resistant Documents, our first service, identifies and rejects the suspicious or malicious inputs.”
A second offering — Resistant Transactions — applies AI to spot problematic transaction patterns.
According to the CEO; “Right now, our target customers are financial and fintech startups, as well as other companies deploying the automated process (both software and RPA) in their financial processes,” he added.
Asked who he sees as the main competitors for the business, he cited Google Brain plus the tech giant’s activities in adversarial machine learning.
Commenting on the seed funding in a statement, Jan Hammer, general partner at Index Ventures, added: “Automation, efficiency and reliability are cornerstones of financial innovation. As machine learning takes more and more nuanced financial decisions, it needs to be protected. And this is not true only in finance, but the attacks will rapidly spread to other domains as well. More of our activity today takes place online, a trend accelerated by COVID-19, and one we believe will last. With criminals ready to take advantage of every vulnerability, the need for solutions such as those from Resistant AI has never been greater.”
