IVIX, a New York-based AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, closed $12.5 million in Series A funding.
The round was led by Insight Partners, with participation from Team8, Citi Ventures, and Cardumen Capital.
This investment will position IVIX to accelerate its research and development capabilities, expanding its capacity to help more governments identify financial crimes and close the tax gap.
IVIX offers a solution to this multi-trillion-dollar challenge. The company employs innovative technology that leverages publicly available data to provide tax authorities with the information they require to carry out their responsibilities more accurately and efficiently in today's complex landscape.
Matan Fattal, CEO and co-founder of IVIX, said: "IVIX has already helped cities, states and countries around the world recover billions in lost revenue and we're excited about continuing our expansion with this new investment. We're proud to give governments the tools they need to gain visibility into the shadow economy and our Series A success is a testament to both our history of success and potential for growth. We're excited for this next phase of our business and look forward to helping more customers level the playing field."
Company: IVIX TECH, INC.
Raised: $12.5M
Round: Series A
Funding Month: August 2023
Lead Investors: Insight Partners
Additional Investors: Team8, Citi Ventures, and Cardumen Capital
Company Website: https://www.ivix.ai/
Software Category: Tax Compliance Solutions
About the Company: Founded in 2020 by Matan Fattal and Doron Passov, IVIX is a company that develops an AI-powered platform for tax evasion and noncompliance. It offers tax compliance solutions. Powered by artificial intelligence and machine learning, IVIX gathers and enriches publicly available business activity data to accurately identify businesses, their revenue, and the taxpayer entity. IVIX's technology is presently utilized by major government agencies worldwide, including the U.S. Internal Revenue Service's Criminal Investigation Division and various state tax authorities within the U.S.
Source: https://www.prnewswire.com/news-releases/ivix-closes-12-5-million-series-a-funding-round-led-by-insight-partners-accelerating-growth-and-helping-combat-financial-crimes-301893918.html