TL;DR:
- Israeli AI fintech startup IVIX secures $12.5 million in Series A funding.
- Insight Partners leads the funding round, joined by Team8, Citi Ventures, and Cardumen Capital.
- IVIX addresses global tax evasion issues, utilizing AI-powered solutions.
- Startup’s technology aids tax authorities worldwide in precise and efficient tax evasion detection.
- IVIX’s product has already been adopted by U.S. IRS Criminal Investigation Division and other tax authorities.
- Founded in 2021 by Matan Fattal and Doron Passov.
- Previous funding rounds total $25.5 million from notable investors.
- New funding to fuel expansion and proprietary AI technology development.
- Former IRS officials John D. Fort and Fred Goldberg join IVIX’s board.
Main AI News:
In a resounding show of investor confidence, Israeli AI-powered tax evasion detection pioneer, IVIX, has triumphantly secured a substantial $12.5 million during its Series A funding round. This landmark achievement was spearheaded by none other than Insight Partners, bolstered by key contributions from illustrious entities, including Team8, Citi Ventures, and Cardumen Capital.
The compelling narrative that IVIX presents is a staggering one indeed. With a global commerce landscape that annually leaves an astonishing $20 trillion untaxed, a resulting tax shortfall of around $1 trillion afflicts the United States alone. This formidable conundrum of the shadow economy, which stretches its reach across conventional sectors and innovative domains like cryptocurrency and e-commerce, casts a burdensome pall over governments’ capacities to adequately fund their public services.
Mastering this challenge with technological prowess, IVIX offers a cutting-edge AI-fueled solution. Leveraging the power of publicly accessible data, their innovative platform empowers tax authorities to conduct their responsibilities with unparalleled precision and efficiency. This ambitious endeavor effectively mounts a formidable offensive against the scourge of tax evasion on a grand scale. It is worth noting that IVIX’s groundbreaking product has already been wholeheartedly embraced by various tax authorities on a global scale, including the illustrious U.S. IRS Criminal Investigation Division.
The visionary roots of IVIX trace back to its founding in 2021 by the capable hands of Matan Fattal, the esteemed CEO and former Silverfort founder, and Doron Passov, who proudly serves as the Chief Product Officer (CPO). Building upon a strong foundation, the startup had previously marked a pivotal milestone by successfully sealing its $13 million Seed round in 2021, supported by the considerable backing of Cardumen Capital, Team8, and Citi Group. This financial windfall propelled IVIX’s cumulative funding efforts to a commanding $25.5 million, a testament to its visionary objectives and compelling market proposition.
The constellation of angel investors that rallied behind IVIX includes notable names such as Gil Shai, the visionary founder of Acceloweb and CloudEndure; Ofir Ehrlich, another key figure behind Acceloweb and CloudEndure; Guy Nitzan, the trailblazing founder of IntSights; and Or Offer, the visionary behind Similarweb. The esteemed lineup further extends to include Amir Hirsch, the visionary founder of Audioburst and the enterprising entity toDay.Ventures.
Equipped with this fresh injection of capital, IVIX charts a bold course for the future. Strategic expansion initiatives are poised to unfold, synergizing with the progressive development of their proprietary AI technology. Notably, the addition of former IRS Chief of Criminal Investigation John D. Fort and former IRS Commissioner Fred Goldberg to the startup’s board reinforces its commitment to operational excellence and regulatory compliance.
Conclusion:
IVIX’s substantial Series A funding, supported by influential partners, cements its position in combating global tax evasion using cutting-edge AI technology. The startup’s ability to attract investment and collaborate with former IRS leaders underscores its potential to reshape the fintech landscape and enhance tax enforcement capabilities worldwide.
