Cheltenham based data intelligence company Ripjar has been successful in raising $36.8m Series B funding from Long Ridge Equity Partners.

With the latest investment, Ripjar has raised more than $60m, with Long Ridge joining existing investors Winton Capital Ltd and Accenture plc.

Founded in 2013 by five former employees from GCHQ and based at Eagle Tower in Cheltenham, the firm said that funding will accelerate new product development and facilitate the expansion of Ripjar's data intelligence platform, Labyrinth.

Ripjar also looks to expand its sales and marketing presence in Asia, North America, and Europe, and grow its employee base to support current and future clients.

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 more than 90 per cent. Labyrinth enables human analysts to make better informed decisions with speed and accuracy, saving significant cost and time for its clients.

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.

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.

"We are excited to partner with Long Ridge who bring expertise and resources in scaling fast-growing software companies," said Jeremy Annis, CEO 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."

Kevin Bhatt, a managing partner at Long Ridge added: "Financial institutions, corporates and government agencies face ever-increasing risks associated with financial crime and cyber threats."

"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. We are incredibly excited to partner with Ripjar to support their continued growth and look forward to working closely with the Ripjar team as they expand to new geographies, customers, and verticals."