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ThetaRay, an artificial intelligence (AI)-powered anti-money laundering solutions provider, has raised $57m (NIS217.7m) in a funding round led by Portage.

The round was also joined by the company’s existing backers JVP, OurCrowd and other undisclosed investors.

ThetaRay, which was founded in 2013, provides cloud-based solutions for monitoring and screening financial transactions using proprietary and patented AI technology.

Hod Hasharon, Israel-headquartered ThetaRay said the proceeds will be used to speed up its worldwide expansion plans and take advantage of a huge market demand as banks and fintechs update their financial crime detection tools.

Portage Capital Solutions partner and co-head Devon Kirk said: “ThetaRay is bringing much-needed innovation to enable transactions and fight financial crime.”

ThetaRay CEO Peter Reynolds said: “Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds.

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“We are proud to be at the forefront of the revolution to make global transactions easier, safer, and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.”

Separately, another Israeli startup Upwind, which offers solutions for cloud security, raised $50m in funding.

The funding round, which was led by Greylock Partners, Cyberstarts and Leaders Fund, valued Upwind at $300m, reported Bloomberg.

NBA champion Stephen Curry-backed Penny Jar Capital and Sheva, a fund backed by Omri Casspi, are also investors in Upwind.

In an interview to the publication, Upwind CEO Amiram Shachar said the proceeds will be used to hire staff, with the aim of doubling the number of employees within a year.