"After six years of development and market testing by customers in multiple industries, we are still finding new use cases for our platform solution; We have only scratched the surface of how much risk reduction we can deliver using the platform," said WorldWatch Plus® Co-Founder Chuck Papageorgiou.
KENNESAW, Ga. (PRWEB) March 05, 2020
WorldWatch Plus, Inc., the Know Your Customer Risk (KYC Risk) and KYC Identity (KYC ID) risk screening company that leverages the power of Cognitive Artificial Intelligence (AI), Machine Learning (ML), and advanced Natural Language Processing (NLP), today announced it has completed a $2.9 million Series A round of financing.
Naples Technology Ventures led the investment round with participation from existing investors, including a group of well-known individual technology angel investors.
The Series A financing and re-alignment of resources builds on an exceptional year for WorldWatch Plus, which saw a rapidly growing roster of global clients, key executive and advisory board appointments, and market momentum in the areas of KYC applications such as Anti-Money-Laundering (AML), Counter-Financing of Terrorism (CFT) and prevention of human trafficking funding, and digital customer on-boarding.
"WorldWatch Plus's offering is well-timed with the rapidly increasing demand for KYC solutions that extend coverage beyond the current legacy database solutions and improve efficiency, while reducing false positives, through the use of AI and other advanced technologies developed by the WWPlus team," said Mike Abbaei, general partner with Naples Technology Ventures. "We believe the market will continue to see a shift of compliance spending to more advanced AI-driven solutions like WorldWatch Plus as companies, beyond financial institutions, consumer reporting agencies, and online gaming companies increase their compliance efforts and look to efficiently and cost effectively reduce their risk profile. WorldWatch Plus® is a powerful solution for multiple industries and we are excited to collaborate and support them as they work to continue building a great company in an exciting category."
WorldWatch Plus's risk screening platform gathers, analyzes and transforms risk information from thousands of sources across the world in multiple languages into a searchable entity index distributed and available in real time. At the heart of the solution is the Global Risk Information eXchange (GRIX), a proprietary platform which uses advanced technologies to identify "risky entities" (individuals or companies) according to each client's risk tolerance profile. The solution reduces risk and cost, while expanding coverage to a global basis.
“This investment by such a sophisticated group, further validates our choice to have selected WorldWatch Plus® as our solution for KYC risk management. The continually updated global coverage, the unique combination of technologies, and the easy integration through API’s makes this the most efficient and effective solution in the market today,” said Doug Pollard, CEO of Pollard Banknote, a leading lottery solutions provider.
"After six years of development and market testing by customers in multiple industries, we are still finding new use cases for our platform solution; We have only scratched the surface of how much risk reduction we can deliver using the platform," said WorldWatch Plus® Co-Founder Chuck Papageorgiou, who will remain an advisor to the company and on the Board of Directors. "Having the financial support, domain expertise, and significant industry connections of Naples Technology Ventures will help the team continue execute on the vision even more rapidly and broadly - and with the benefit of experience, perspective and relationships of a leading tech investor."
About WorldWatch Plus
WorldWatch Plus brings the power of a platform solution that leverages Artificial Intelligence technologies to deliver dynamic KYC Risk and KYC Identity solutions. The WorldWatch Plus platform automatically gathers information from thousands of sources around the world and leverages proprietary technology for identifying "risky entities", whether companies or individuals, and makes that information available via API to customers in multiple markets. Leading Consumer Reporting Agencies rely on WorldWatch Plus to enhance their Background Check Reporting, while Financial Institutions rely on the information provided by WorldWatch Plus to ensure compliance with multiple global mandates. Privately funded and based in Atlanta, GA and Tampa, FL, WorldWatch Plus is a winner of the Top Ten Innovative Technology companies in GA and a member of the Professional Background Screener's Association (PBSA). To learn more about WorldWatch Plus, visit https://www.worldwatchplus.com.