Intelligo, an Israeli startup that provides AI-based background check solutions to investors, financial institutions and corporations, announced today that it has raised $ 22 million from Felicitas Global Partners, one of its long-time clients. The company said the growth round, which brings its total fundraising to $ 44 million, will drive the development of its AI-based risk intelligence platform – Clarity – and help open a store in others. geographical areas.
For years, due diligence processes, such as background checks, have been manual and time-consuming (typically 10-15 days). Agencies providing these services often struggle with delays and backlogs, leaving end users – people who require due diligence – with little choice but to provide temporary permissions. In some cases, analysts may also miss important sources of information such as news.
Automated background checks
Founded in 2014 by Shlomo Mirvis and Dana Rakovsky, Intelligo addresses this problem through automation, claiming to bring speed and precision to the whole process. The company’s Clarity intelligence system uses multiple layers of artificial intelligence and automation to examine over 400,000 public data sources and gather all relevant information (legal, professional, regulatory, financial, online media) needed to make a decision about a particular individual or company.
Then, a team of in-house experts review this information to create the final report for the client.
“Each client has an account where they can log in and run a report at any time from anywhere, share and collaborate with other team members and manage the account in a very easy way”, Mirvis, who is also CEO of the company, VentureBeat said. The dashboard offers a 360 degree view of the collected data, with comprehensive information on the sources and links to the original documents, allowing customers to check potential red flags in the risk profile.
Currently, the platform returns reports between 30 minutes and five days and is used by hundreds of clients, primarily investment banks, private equity firms and hedge funds with combined assets under management of over $ 500 billion. Additionally, even after producing the report, Clarity can continue to monitor the target and provide alerts if and when something changes in its background profile.
“We use our artificial intelligence algorithms to eliminate irrelevant data and deduplicate the data to keep only the most relevant data in the report and help people draw the right conclusions. Our AI also uses advanced natural language processing analytics to identify negative news articles written on our topics, ”said Mirvis.
Intelligo isn’t the only one solving the problem of previous checks with technology. In recent years, a number of players have emerged in the same space, including Checkr, Rental right, Kroll, K2 Integrity, Paycom, And Exiger.
“There are a number of companies in the background check and HR technology space that cater to different ends of the market. Most focus on general hiring controls at all levels – from minimum wage positions upwards. Intelligo, however, focuses on the high end of the market for both pre-hiring and pre-investment decisions by companies. companies, as part of their risk intelligence, “Mirvis added.
Accuracy of targeting and revenue growth
Moving forward, the company aims to double its staff and expand the capabilities of its risk intelligence platform to attract more customers.
While the CEO did not share exactly how the company plans to improve the platform, he noted that Intelligo continues to receive advice from customers and improve the accuracy of the solution. Part of the effort is likely to be geared towards covering an even broader base of data sources, as background check reports are only as good as the data they are based on. The company has seen revenue growth of 200% in the past three years and expects to see growth of 300% in the current year.
“The past 18 months have been very positive for Intelligo as the remote and hybrid work structures have made the due diligence and recruiting processes even more essential. The lack of face-to-face interaction takes away from the ability to make intuitive and personal connections, so organizations are even more dependent on obtaining accurate and in-depth information that provides a 360-degree view of who the candidates really are, ”said Mirvis.
Globally, the overall market for due diligence, pre-investment and pre-employment is estimated to be valued at $ 17 billion.
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