Falcon AI raised $ 10 million in its Series A funding round through BlackFin Capital Partners, with Picus Capital also participating by increasing its existing stake.
The Munich-based provider’s software protects banks, payment companies and fintechs by detecting transactions related to financial crimes. The software identifies patterns of suspicious activity using artificial intelligence which enables it to deliver actionable alerts.
“We made it our mission to bring long overdue technological advancements such as cloud, AI and real-time analytics to these sensitive and expensive processes,” said Tobias Schweiger, co-founder and CEO of Hawk AI, in a press release. “This latest investment speaks volumes about the opportunity we have before us, and we are grateful for the support of our investor partners who validate our mission.”
Hawk AI plans to use the funding to strengthen its European and American footprint, while also expanding into Singapore and the United Arab Emirates. Additionally, Hawk AI plans to double its workforce by the end of 2022.
“Regulators and financial institutions around the world understand that the problem of financial crime and compliance cannot be solved with rule-based legacy software alone,” said Maxime Mandin, chief investment officer at BlackFin Capital Partners . “In an increasingly dynamic context. In the market, Hawk AI is establishing itself as the next-generation solution for transaction monitoring, with strong credentials not only in the mid-range, but also with complex large-scale deployments. “
Ratepay, North American Bancard and Modularbank are among the current customers of Hawk AI.