Israel-based big data analytics company ThetaRay has raised more than $30m in a new funding round to strengthen its AI-powered cybersecurity business.

The new funding round was led by Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB Investments, and others.

ThetaRay intends to invest the funds to bolster its footprint in Europe, Asia and the US and  meet the demand for machine learning solutions to combat financial crime.

ThetaRay CEO Mark Gazit said: “In this era when criminal activity and money laundering are increasing and becoming more sophisticated and also regulation is on the rise, there is a greater demand for our solutions.

“As the amount of digital information grows, you just can’t protect it without artificial intelligence systems. ThetaRay offers the most advanced and mature solutions to detect threats before they happen. We thank the existing investors, especially JVP, for their confidence in ThetaRay, and welcome the new ones joining in this round.”

Founded in 2013, ThetaRay leverages uses machine learning and artificial intelligence to help financial institutions, cybersecurity divisions, and critical infrastructure to deal with risk management, schemes, money laundering, expose bad loans, and uncover frauds.