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IVIX, the first AI-powered platform designed to assist governments in addressing widespread financial crimes and tax evasion, has successfully closed a $12.5 million Series A funding round. The round was led by Insight Partners, with participation from Team8, Citi Ventures, and Cardumen Capital. This investment comes after a period of significant growth and customer acquisition for IVIX and will enable the company to accelerate its research and development capabilities.
The Funding: Accelerating Growth and Expansion
The Series A funding round, which raised $12.5 million, will support IVIX in increasing its R&D team and global expansion plans. The investment comes at a time when the company has experienced significant growth and customer acquisition. The funds will be used to expand IVIX’s capacity to help more governments identify financial crimes and close the tax gap.
The Problem: The Shadow Economy and Tax Evasion
Every year, at least $20 trillion in global business activity goes unreported to tax authorities, resulting in an estimated $1 trillion in annual tax loss in the United States alone. The cost of the shadow economy is real: it limits the ability of governments to provide public services such as healthcare, education, and infrastructure.
The Solution: IVIX’s Innovative Technology
IVIX offers a solution to this multi-trillion-dollar problem. The company’s innovative technology leverages publicly available data to equip tax authorities with the information they need to do their job more accurately and efficiently. With adoption by multiple tax authorities, IVIX’s AI-powered solution provides its government customers insight into the shadow economy so they can address tax evasion at scale.
IVIX’s Global Impact
IVIX is currently used by major government agencies around the world, including the U.S. Internal Revenue Service’s Criminal Investigation Division and multiple states’ tax authorities in the US. The company has attracted top talent and expertise, including former IRS Chief of Criminal Investigation John D. (Don) Fort as Chief Business Officer and former IRS commissioner Fred Goldberg as a member of IVIX’s advisory board.
Future Plans: Expanding with New Investment
Matan Fattal, CEO and co-founder of IVIX, expressed excitement about the company’s future plans. With the new investment, IVIX is set to continue its expansion, giving governments the tools they need to gain visibility into the shadow economy. The success of the Series A round is a testament to both IVIX’s history of success and potential for growth.
A Bright Future for IVIX
With this successful fundraising, IVIX is well-positioned to continue its disciplined efforts to identify attractive investment opportunities in one of the largest and fastest-growing sectors of the U.S. economy. The firm’s future looks bright as it continues to revolutionize the financial sector through its strategic investments.
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