Czech Republic-based artificial intelligence and machine learning security company Resistant AI has extended its Series A funding round to USD 27.6 million. The company managed to secure an extra USD 11 million from Notion Capital, which added to the funds already obtained from GV, Index Ventures, Credo Ventures, and Seedcamp.

The company will use the funds to expand its product developments, team, and geographical presence to meet the growing demand from financial institutions to protect their onboarding and transaction systems from bad actors and malicious attacks. Resistant AI offers a series of machine learning techniques that were designed to protect financial services firms from threats while outsmarting criminals and adapting to their evolving methods. The company's solutions are able to identify anomalies in transactions and behaviours, and ensure a comprehensive insight into each customer.

Some of Resistant AI’s customers include Payoneer, Habito, Dun and Bradstreet, Planet42 and ComplyAdvantage. Resistant AI employs around 80 experts at the time of writing, and it has established a presence in cities such as New York, London, Prague, and Brussels. According to Resistant AI, as many as 17% of bank statements, utility bills, and paychecks used for lending applications and other purposes are tampered with around the world.

Moreover, the company reports that 15% of registration certificates submitted worldwide when opening bank accounts are counterfeit. In this context, the company argues there is a need for a new approach to tackling financial crime. Particularly worrisome are automated AI-driven attacks that can generate new fraudulent identities at scale.

In the company press release, representatives from Resistant AI talked about the transition from traditional finance to fintech and the opportunities that this has brought, but also about the rise in criminality that accompanied this transition. They also emphasised that old methods of fighting financial crime are becoming obsolete and that Resistant AI’s application of machine learning is well-equipped to deal with these emerging and evolving threats. Resistant AI is available on Google Cloud Marketplace In March 2023, Resistant AI made its services available through the Google Cloud Marketplace.

The decision allowed the company’s Document Forensics system to become accessible in this new market and offer customers a suite of solutions to verify the authenticity of digital documents from databases while minimising fraud losses. Document Forensics can be used to classify, qualify, and verify Know Your Customer (KYC) documents, including proof of address, transactions, ID cards, or bank statements. Companies can also use the system to automate user approvals and rejections during the onboarding process.

They can also minimise the time of manually reviewing and checking the documentation process or preventing serial fraudulent attempts, such as money laundering and terrorist financing. .