Lucinity announced raising $6.1 million in fresh funding from Karma Ventures and byFounders.

Denmark Estonia Iceland United States Investments 15 July 2020
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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 funding was provided by Nordic investors co-led by Karma Ventures and ByFounders, and included financial participation from previous investors Crowberry Capital and Preceptor Capital.

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.