Hawk AI receives 17 million euros

The start-up has developed software to combat financial crime. Last year, it says it quadrupled its revenue.

Munich-based startup Hawk AI has raised $17 million in a Series B funding round. Washington, D.C.-based Sands Capital led the round. Other investors include DN Capital, Coalition, BlackFin Capital and Picus Capital. Hawk AI now plans to use the capital to continue to expand globally and further develop its own product.

Hawk AI supports banks and financial service providers in the fight against financial crime. For this purpose, the start-up offers a platform based on a cloud infrastructure. Artificial intelligence is said to be able to strengthen the security system, detect suspicious cases and reduce the error rate. In 2022 alone, the company's revenue had quadrupled thanks to this technology.

Wolfgang Berner and Tobias Schweiger founded Hawk AI in 2018, and Georg Hauer, former head of Germany at N26, joined the management team in 2021. In the same year, the start-up already raised ten million US dollars in a Series A financing round to expand into the USA. Hawk AI now operates in over 60 countries on four continents and monitors billions of transactions, according to its own information.