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This AI startup is racking up government customers | TechCrunch

Aug 12, 2023 - techcrunch.com
Tel Aviv-based startup IVIX, founded by Matan Fattal and Doron Passov in 2020, uses AI and machine learning to help government entities detect tax noncompliance and other financial crimes. The company was created in response to the massive issue of financial crimes, such as tax evasion, which is estimated to cost the U.S. $1 trillion a year, and the lack of technology available to governments to combat these crimes.

Since its inception, IVIX has secured government contracts with federal agencies, including the IRS criminal investigation bureau, and has made significant hires such as Don Fort, the former chief of criminal investigations at the IRS. The startup recently raised a $12.5 million Series A funding round led by Insight Partners.

Key takeaways:

  • The U.S. loses an estimated $1 trillion a year due to tax evasion, according to the Internal Revenue Service.
  • IVIX, a Tel Aviv-based startup, uses AI and machine learning to help government entities detect tax noncompliance and other financial crimes.
  • Founded by Matan Fattal and Doron Passov in 2020, IVIX has secured government contracts with federal agencies, including the IRS criminal investigation bureau.
  • The startup has recently raised a $12.5 million Series A funding round led by Insight Partners.
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