Data Science Investment Counter —Funding raised by UK data science companies in 2017 as of today
£ 343.535 Million

London-based AI Firm Behavox raises £15M from Citigroup

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Financial institutions want to keep tabs on their employees, with AI software like Behavox

Behavox, a London-based company whose AI software can help financial institutions detect foul play in real time, has raised £15 million ($20 million) in a round led by multinational investment bank Citigroup. The investment brought up the company’s value to around £150 million ($200 million.)

The company previously secured an undisclosed Series A round led by Hoxton Ventures in July 2016,  which followed a £760,000 ($1 million) Angel round in October 2015, and a £300,000 ($400,000) Seed investment in 2014.

Founded in 2014 by Slav Slavinski, Kiryl Trembovolski, Alex Glasman, Roman Zelov, and Erkin Adylov, the company has developed an artificial intelligence system able to monitor financial organisations’ staff and automatically spot possible wrongdoing.

Behavox’s technology uses natural language processing to keep tabs on employees’ phone calls, emails, and online chats.

It then applies sentiment analysis to understand the gist of their conversations, and to list the top ten most-discussed subjects. It subsequently cross-reference those terms with the investment orders put in every day, in order to ascertain  a company’s general sentiment regarding the markets (bearish or bullish).

Besides picking up misconduct, the system can also be leveraged to aid staff-training, to increase overall productivity, and to enhance customer relations.

“The way you engage people is directly relevant to your performance,” company co-founder Erkin Adylov told the Financial Times. “We can help firms to work out what drives more revenue.”

Jan Hammer, partner at Index Ventures, which also invested in Behavox, commented on the round too: “Teams at every large organisation generate endless streams of data which, when analysed in real time, enable businesses to become more effective, secure and compliant,” he said.

Image via goo.gl/ijJAxm

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