Cheltenham tech firm raises £28 million for growth as it doubles in size
A British data intelligence company nestled quietly in Cheltenham's Eagle Tower has successfully raised nearly £30 million of funding as it doubles in size through the pandemic.
Ripjar said it had “successfully completed Series B $36.8m funding round led by Long Ridge Equity Partners” with the funds earmarked for growth.
It takes the total raised for the firm’s expansion to $60 million and will help it keep pace with the increasing demand for its products, driven in no small part by the global pandemic.
“The funding will be used to accelerate product development and scale the organisation to meet the growing demand for financial crime solutions for global financial institutions, government agencies, and corporates,” said a statement from the company, which might not be known to some but is already well-known to many as one of the most exciting firms in its sector.
The firm said it had “experienced rapid growth during the COVID-19 period, with six newly signed enterprise customers, four major client expansions, and over 20,000 users globally”.
“We are excited to partner with Long Ridge who bring expertise and resources in scaling fast-growing software companies,” said Jeremy Annis, chief executive of Ripjar.
“This investment signals enormous confidence in our world-leading data intelligence technology and ability to protect companies and governments from criminal behaviour which threatens their assets and prosperity.
“With this funding, we will accelerate the expansion of Ripjar worldwide to provide our customers with the most advanced financial crime solutions, as well as creating new applications of the Labyrinth platform.”
Ripjar’s technology helps leading institutions and government agencies address criminal threats, including money laundering, fraud and terrorism.
Utilising proprietary artificial intelligence technology, Labyrinth uncovers new risks, and reduces false positives by over 90 per cent.
Labyrinth enables human analysts to make better informed decisions with speed and accuracy, saving significant cost and time for its clients.
Ripjar will also expand its sales and marketing presence in Asia, North America, and Europe, and grow its employee base to support current and future clients.
The firm was founded in 2013 by five former employees of the UK’s Government Communications Headquarters (GCHQ), and has grown rapidly to become a world-leading data intelligence provider.
During COVID-19 the business has doubled in size and significantly expanded its product offering.
The pandemic has further accelerated the need for cutting-edge technology solutions to tackle systemic vulnerabilities that have become more evident as businesses and public sector organisations shift to remote digital working.
In a sign of the company’s growing momentum, Ripjar recently reached the 20,000 user mark and signed six new customers during the COVID-19 lockdown. During this difficult period, the company also became profitable.
“Financial institutions, corporates and government agencies face ever-increasing risks associated with financial crime and cyber threats” said Kevin Bhatt, a Managing Partner at Long Ridge. “We believe Ripjar is well-positioned to provide artificial intelligence solutions that will allow its clients to reduce the cost of compliance, while uncovering new threats through automation.”