Lucinity announced raising $6.1 million in fresh funding from Karma Ventures and byFounders.
Lucinity, a Reykjavik, Iceland-based developer of a Anti-Money-Laundering (AML) software solution, announced the completion of a $6.1M capital investment round.
The proceeds will be used to expand the business.
Lucinity, founded in 2018 and led by CEO Gudmundur Kristjansson, uses a cloud-based integration to help financial institutions better understand transaction data. The company's product focuses on what it calls “Human AI,” effectively a feedback loop which provides charts and explanations of data, which Kristjansson calls the “secret sauce” which has been missing from many previous anti-financial crime products. The company’s technology has already been deployed at banks ranging from digital-only microbanks to Tier 1 banks in the US.
Prior to this round, in 2019, Lucinity secured $2M from Crowberry Capital, Preceptor Capital and angel investors.