Decision intelligence startup Quantexa Ltd. said today it has closed on a bumper late-stage funding round worth $129 million.

The Series E round was led by GIC and saw participation from existing investors Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO and Albion VC. The funding comes less than 18 months after it raised $157 million in a Series D round, and brings its valuation to $1.8 billion.

Quantexa has rebranded itself as a “decision intelligence” platform after starting out as a provider of artificial intelligence-based fraud detection tools for the financial services industry. The company has pioneered a machine learning-based approach to scouring corporate data for signals that could indicate possible fraud, money laundering and other illicit activities.

Its contextual decision intelligence models help to assess risk and compliance and identify criminal financial activity. They present the results of its analysis in the shape of easily digestible graphs that allow users to get a better understanding of the relationships between different legal entities and so on.

After starting out in financial services, Quantexa has since expanded to other sectors that face financial crime, such as healthcare, government and insurance. It has also diversified to bring its decision intelligence to more use cases, for example building more complete customer profiles that can be used for Know Your Customer rules compliance. Within the government sector, Quantexa’s software is also being applied to other illicit activities, such as identifying human trafficking.

The startup says the decision intelligence industry is one that has grown to be worth more than $230 billion a year, and today’s funding will help it chase a much bigger slice of that market. It recently acquired an Irish natural language processing and AI company called Aylien Ltd., and has managed to grow its annual recurring revenue by more than 100% since its previous funding round, off an undisclosed base.

Its platform boasts customers in more than 70 countries, with big-name clients including investors BNY Mellon and HSBC, as well as Standard Chartered Plc., Danske Bank A/S, Vodafone Group Plc. and The Public Sector Fraud Authority in the U.K. Cabinet Office.

The company’s growth in revenue and customers has necessitated an expansion of its team, and it has increased its employee count from 500 to 650 over the last year. It has also opened new offices in New York City, the United Arab Emirates and Amsterdam, plus a new Technology and Analytics Hub in Malaga, Spain, last November.

With the funding from today’s round, Quantexa intends to improve the capabilities of its decision intelligence platform with new capabilities around low-code data fusion, graph analytics, machine learning, NLP and AI. The company will also try to accelerate its go-to-market efforts in partnership with Google LLC, Accenture Plc., Deloitte Touche Ltd. and others.

“This infusion of capital will fuel further innovation, diversification and expansion, and opens exciting options for our future,” said Quantexa Chief Executive Vishal Marria.

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