Data intelligence startup Mimiro has raised $30m for its machine learning platform that analyses the risk of an organisation having ties to financial crimes such as terrorist funding, money laundering and fraud.

By verifying the legitimacy of an organisation, it aims to provide businesses with confidence in their transactions and dealings.

Its algorithms, which it describes as “self-improving”, trawl through millions of structured and unstructured data sources a day.

These include registers containing high-level national and international sanctions, individuals of interest and media coverage.

The AI platform analyses this data in real time, searching for suspicious patterns that indicate criminal activity, which may be missed by a human assessor.

Mimiro claims to reduce the number of false positives by 70%.

Mimiro: Tackling globalisation’s trust issues

Mimiro’s CEO and founder Charles Delingpole said that the company exists because “globalisation is intensifying the business problems of trust”.

With terrorist groups and organised crime often laundering money through seemingly legitimate companies, companies face the risk of unwittingly doing business with a firm with criminal connections.

According to 2017 FBI documents, for example, ISIS used a network of companies operating out of an office in Cardiff, Wales, to ship military grade equipment and finance terror plots against the West.

“To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries,” added Delingpole.

Mimiro, formerly ComplyAdvantage, said that it is focusing on financial crime and ‘know your customer’ rules in the near-term, but eventually aims to offer instant and accurate risk profiles for every commercial entity and individual in the world.

“Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive,” said Jan Hammer, Index Ventures partner.

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“Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.

“The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.”


Read more: Cybercrime could cost companies as much as $5.2 trillion over the next five years