ComplyAdvantage, a prominent player in the realm of financial crime intelligence and fraud risk detection thus complimenting growing RegTech Revenue Assurance industry, has strategically acquired the tech start-up Golden Recursion. The financial details of this acquisition remain undisclosed.
Golden Recursion – Innovative Data Discovery Tool
Golden Recursion, headquartered in San Francisco, USA, is known for its innovative data discovery tool. This tool aids firms in researching and tracking information on a vast array of topics and entities. The company has effectively harnessed the power of Natural Language Processing (NLP) and Artificial Intelligence (AI) to extract and present information from a diverse range of public and private sources.
ComplyAdvantage highlights this information by displaying it in the form of a ‘knowledge graph’, a unique feature. The knowledge graph showcases interconnected data points and their relationships, thereby enabling the analysis of complex information.
Strengthening Financial Crime Intelligence Offering
The acquisition of Golden and its knowledge graph will significantly enhance ComplyAdvantage’s capabilities. It will allow the company to access additional disparate data sources, thereby providing clients with even more comprehensive real-time financial crime risk insights.
Andreessen Horowitz invested long-term in Golden Recursion. They backed its $14.5 million Series A in September 2020. They also backed its $5 million seed round in May 2019.
Andreessen Horowitz will join ComplyAdvantage’s investor base. The base includes Goldman Sachs and Ontario Teachers’ Pension Plan. It also includes Index Ventures and Balderton Capital.
Jude Gomila is the founder of Golden Recursion. He is also its current CEO. Gomila will join ComplyAdvantage as a board observer and will also act as a special advisor.
ComplyAdvantage uses AI and machine learning for financial crime detection and their solutions provide clients with superior insights. This acquisition enhances these capabilities. It marks a significant step in ComplyAdvantage’s mission to deliver AI-enabled financial crime insights.
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