NEW YORK, 7 AUGUST 2023 – IVIX, the first AI-powered platform designed to assist governments in combating widespread financial crime and tax fraud at scale, announced the successful completion of a USD 12.5 million Series A fundraising round headed by Insight Partners, with participation from Team8, Citi Ventures, and Cardumen Capital. Following considerable growth and client acquisition, this investment will position IVIX to increase its research and development capabilities, extending its potential to assist additional governments in identifying financial crimes and closing the tax gap.
At least $20 trillion in global company activity is unreported to tax authorities annually. The cost of underreporting in the United States is estimated to be $1 trillion in annual tax loss. And the disparity is widening, both in traditional cash-based businesses like construction and in innovative ways like cryptocurrency and e-commerce. The cost of the shadow economy is actual: it affects government’s ability to deliver public services like healthcare, education, and infrastructure.
IVIX provides a solution to this multibillion-dollar issue. In today’s context, the company’s unique technology leverages publicly available data to provide tax authorities with the knowledge they need to execute their jobs more effectively and efficiently. IVIX’s AI-powered technology, which several tax authorities have adopted, gives its government customers with visibility into the shadow economy, allowing them to target tax evasion at scale.
IVIX is currently used by various government agencies worldwide, including the Internal Revenue Service’s Criminal Investigation Division and tax authorities in multiple states in the United States. Former IRS Chief of Criminal Investigation John D. (Don) Fort has joined the company as Chief Business Officer, while former IRS Commissioner Fred Goldberg serves on IVIX’s advisory board. CEO Matan Fattal and CPO Doron Passov, who have served in top intelligence units, formed the company in 2020.
“IVIX has already helped cities, states, and countries worldwide recover billions in lost revenue,” said Matan Fattal, CEO and co-founder of IVIX, “and we’re excited about continuing our expansion with this new investment.” We’re happy to provide governments with the tools they need to gain insight into the shadow economy, and our Series A success reflects our past success and our future potential. We’re looking forward to helping more clients level the playing field in this next era of our business.”
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