Israeli AI startup IVIX has raised $12.5 million in Series A funding to expand its AI-powered tax evasion detection platform. The round was led by Insight Partners, with participation from Team8, Citi Ventures, and Cardumen Capital.
IVIX's platform uses machine learning to analyze large amounts of data to identify patterns of suspicious activity. The platform can be used to detect tax evasion, money laundering, and other financial crimes.
The company's CEO, Lior Shachar, said that the funding will help IVIX to “scale our platform and make it available to a wider range of organizations.” He added that “the demand for our technology is growing rapidly, as governments and businesses are increasingly looking for ways to combat financial crime.”
IVIX is already working with major government agencies around the world and in the US, including the IRS Criminal Investigation Division, and tax agencies across multiple states. The company says that its platform has helped to recover millions of dollars in unpaid taxes.
The funding round comes at a time when governments around the world are increasingly cracking down on tax evasion. In the US, the IRS has made tax evasion a top priority, and the agency has been using AI-powered tools to help detect and investigate tax evasion cases.
IVIX's platform is one of a number of AI-powered tools that are being used to fight tax evasion. Other companies that are developing AI-powered tax evasion detection tools include Palantir, Chainalysis, and Crystal Blockchain.
The use of AI to fight tax evasion is still in its early stages, but it is a rapidly growing field. As AI technology continues to develop, it is likely that AI-powered tools will play an increasingly important role in the fight against tax evasion.