Israel-based startup ThetaRay raises $57 million in private round

Israel’s ThetaRay said on Tuesday it raised $57 million in a private funding round led by global fintech platform Portage.

ThetaRay’s technology uses artificial intelligence to identify financial cyber threats like money laundering so users can take action against suspicious transactions.

It said the latest financing will enable the company to accelerate global growth plans and capitalize on significant market demand, as banks and fintechs seek to replace legacy tools with next-generation financial crime detection technology.