IVIX, a groundbreaking AI-powered platform aimed at assisting governments in combating widespread financial crimes and tax evasion on a large scale, has successfully concluded a Series A funding round, raising $12.5 million. The funding was led by Insight Partners, with participation from Team8, Citi Ventures, and Cardumen Capital. This strategic investment follows IVIX’s remarkable growth and expansion in customer acquisition, positioning the company to further enhance its research and development capabilities and extend its capacity to aid governments in identifying financial crimes and closing the tax gap.
Annually, a staggering $20 trillion in global business activity remains unreported to tax authorities, leading to substantial tax losses, with the United States alone experiencing an estimated $1 trillion in annual tax loss. IVIX addresses this pervasive issue with innovative AI-driven technology that leverages publicly accessible data to equip tax authorities with the tools needed to accurately and efficiently address tax evasion and financial misconduct in the modern landscape. By harnessing IVIX’s AI-powered solution, governments gain insights into the shadow economy, empowering them to combat tax evasion at a significant scale.
IVIX’s pioneering platform is already in use by major government agencies across the globe, including the U.S. Internal Revenue Service’s Criminal Investigation Division and various state tax authorities. The company’s accomplished team includes 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. IVIX was established in 2020 by CEO Matan Fattal and CPO Doron Passov, both of whom possess expertise from elite intelligence units.
Matan Fattal, CEO and co-founder of IVIX, expressed his excitement about the funding round, stating, “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.”
Insight Partners Managing Director Hagi Schwartz highlighted the transformative potential of IVIX’s AI-powered platform, describing it as a “game changer” for government agencies combatting financial crimes. IVIX’s remarkable level of sophistication and global adoption by tax authorities positions it to enhance government services and better serve citizens.
Sarit Firon, Managing Partner at Team8, an early supporter of IVIX’s mission, emphasized the platform’s success in reducing tax evasion and fraud across various tax jurisdictions worldwide. The funding round was welcomed by Cardumen Capital Co-Founder and General Partner Gonzalo Martínez De Azagra, who highlighted IVIX’s vision of employing cutting-edge AI to detect fraud in an increasingly digital economy.
With this successful funding round, IVIX is poised to further revolutionize the fight against financial crimes and tax evasion, leveraging the power of AI to create a more transparent and accountable financial landscape for governments and citizens alike.