ThetaRay was founded in 2013 by Amir Averbuch and
Ronald Coifman. Averbuch is a professor of computer science at
Tel Aviv University with a main research focus on big data processing and analysis. Coifman is a professor of mathematics at
Yale University and recipient of the 1999
National Medal of Science. His main research focus is on efficient computation and numerical analysis. Mark Gazit, an international security expert and serial startup entrepreneur, is co-founder and CEO of ThetaRay. In June 2013, ThetaRay raised its seed funding from
Jerusalem Venture Partners (JVP) as part of their cybersecurity portfolio. Two months later,
General Electric (GE) joined JVP as an investor and ThetaRay launched its Advanced Analytics Platform for big data. It was followed by operational risk solutions for financial organizations in April 2015. In July 2015, ThetaRay opened an office in New York, and two months later launched its Credit Risk Detection Model for
online lending. In December 2015, ThetaRay and
PricewaterhouseCoopers signed a Joint Business Relations agreement. ThetaRay has customers such as
ING Group that purchased ThetaRay’s Advanced Analytics solution for fraud detection. ThetaRay opened an office in Singapore in July 2016. Version 4.0 of ThetaRay’s flagship product, released in July 2019, included major capability upgrades to help global banks detect and prevent financial crime[NG1] based on its powerful AI, replicating the powerful decision-making capabilities of human intuition to detect "unknown unknowns" that cannot be identified by first-generation AI or legacy products. In late 2019, Banco Santander began implementing ThetaRay’s solution to detect money laundering in cross-border payments, signing an agreement in June 2020 to operate the AML system in its branches. In April 2021, ThetaRay launched SONAR, a cloud-native SaaS version of its AML solution for transaction monitoring. In May 2021, ThetaRay raised $31 million in a Series C round, bringing to some $100 million the total investment in the company, by the following key investors: Jerusalem Venture Partners, OurCrowd, Saints Ventures, Benhamou Global Ventures, and Bank Hapoalim. == Awards ==