Quantexa Ltd., a startup with a data management platform that enterprises use for tasks such as fraud detection, has raised $175 million in a late-stage funding.

The company disclosed in its announcement of the round Tuesday that Teachers’ Venture Growth was the lead investor. The Series F deal also includes contributions from several returning backers. Quantexa is now valued at $2.6 billion, up from $1.8 billion following its previous funding round.

London-based Quantexa provides a platform that can ingest information from multiple sources, identify related data points and group them together. For example, the software could scan a collection of product listings and highlight items made by the same company. Quantexa performs the task using a so-called entity resolution engine that promises to provide up to 99% accuracy.

The ability to identify connections between data points is useful for, among other tasks, identifying financial crime. Quantexa’s platform is used by banks and government agencies to scan transaction logs for fraud indicators. In addition to highlighting how disparate financial records are connected to one another, the platform provides so-called scoring algorithms that can automatically highlight risky transactions.

Quantexa says that its platform also supports other use cases. Marketing teams, for example, can leverage it to analyze the customer information they use to craft ad campaigns. The platform promises to ease tasks such as identifying new sales opportunities.

Before companies can start searching for patterns in their data, they have to organize it. Quantexa provides features that automate several of the steps involved in the latter task.

The company’s platform includes a low-code tool for creating data ingestion workflows. It can be used to collect transaction logs, news articles, stock information and other records. Quantexa says that the tool can aggregate billions of data points stored in multiple file formats. 

Usually, processing records with different file formats requires organizing them into a common data structure. Quantexa doesn’t require a fixed structure, which reduces the amount of time necessary to organize the aggregated records. The result is that companies can start analyzing their data faster.

After Quantexa ingests a dataset, it uses artificial intelligence models to fix quality issues. The platform automatically filters duplicate and erroneous records. It also resolves inconsistencies, such as cases where some product prices in a dataset are rounded to the nearest whole number while others aren’t.

Quantexa’s latest funding round follows a year in which it grew software license sales by nearly 40% and added 23 new customers. The increased demand helped the company reach $100 million in annualized recurring revenue a few months ago. To keep up the momentum, Quantexa will use the new capital to grow its North American presence and make acquisitions.

The company also detailed that it’s “fast-tracking” a partnership with Microsoft Corp. launched last year. As part of the collaboration, Quantexa made its entity resolution features for grouping related records available in Microsoft Fabric, a data management and analytics platform. Additionally, the company will sell a money laundering detection tool through the Azure Marketplace.

Image: Quantexa