Ripjar, a UK-based data intelligence firm, has raised €31m in its Series B investment round led by Long Ridge Equity Partners. The firm was founded in 2013 by five former members of the UK Government’s Communications Headquarters (GCHQ) and featured in Gartner’s “Cool Vendors in Analytics, 2017” list. It specialises in providing data security services by using their signature AI technology called ‘Labyrinth’.
Ripjar intends to use these new funds to accelerate new product development along with the expansion of their existing platform, Labyrinth. Also, the company plans to spread its sales and marketing ventures to Asia, North America, and Europe.
The company’s clients include all kinds of institutions and government agencies seeking protection from criminal activities like frauds, money laundering, and funding of terrorist entities. Ripjar’s AI, Labyrinth, effectively weeds out false positives and helps analysts make informed decisions faster.
With increased use of cyberspace during the Covid-19 pandemic, there was a sharp surge in need of data security and data intelligence services. Actually, the pandemic turned the fortunes of the company, increasing its customer base to 20,000, and brought it to profitability.
Ripjar uses its proprietary AI platform called Labyrinth to provide data intelligence services to its clients. Labyrinth is an API-enabled platform which is capable of working with both structured and unstructured data. It allows Ripjar’s clientele to incorporate any data source that needs monitoring.
This “groundbreaking” AI tool has brought a lot of important clients to Ripjar. While the company’s government clients cannot be disclosed, it is likely that they use Labyrinth to hunt for terrorist funding. Ripjar’s long list of partners includes several big names like PwC, Dow Jones, and Accenture.
“We believe that Labyrinth is the most advanced solution in the market as we’ve developed it after decades of first-hand experience of fighting crime and terrorism within the national security community,” said David Balson, Director of Intelligence at Ripjar.