Tangos, a platform for AI financial crime investigations, announced it raised $20 million in seed round funding led by Red Dot Capital Partners, according to a news release by the Tel Aviv-based company. Leaders Fund, Clarim, Venture Israel, Signal Fire, Clutch Capital, Selah Ventures and Bright Data also participated.
Founded in 2005, Tangos develops autonomous AI technology for risk, financial crime, fraud, sanctions and compliance investigations.
“Financial crime has evolved into a network problem that increasingly exceeds the capacity of traditional investigative processes,” Eyal Azoulay, founder and CEO of Tangos, said in a statement. “Organizations have made tremendous progress in detecting risk, but the investigation process remains one of the largest operational bottlenecks in financial crime prevention. We built Tangos to bring the speed, scale and consistency of autonomous AI to a process that has historically depended on highly manual work.”
