IVIX lays off 10% of staff as it pivots toward AI financial investigator
The company, which develops technology for governments fighting financial crime, is cutting roughly nine jobs while simultaneously hiring for new growth areas and expanding its AI product portfolio.
Israeli fintech and artificial intelligence company IVIX, which develops technology that helps governments around the world combat financial crime at scale, is expanding into a new area with a product designed to function as an AI financial investigator. At the same time, the company is laying off about 10% of its workforce, or roughly nine employees, Calcalist has learned.
The cuts are part of a broader restructuring as IVIX redirects resources toward new growth areas. While some roles are being eliminated, the company is also recruiting employees for the new areas it has entered.
The new product is designed to act as a kind of digital assistant for financial investigators. It is already being used by some of the world's largest law enforcement agencies as well as IVIX's flagship customers.
The system is designed to help investigators and authorities conduct complex investigative and analytical work more quickly and at greater scale. It can perform tasks such as collecting information, analyzing data, and identifying connections and patterns that may point to suspected illegal financial activity.
The move represents an expansion of IVIX's activities beyond its existing platform, which helps governments identify previously hidden economic activity and combat financial crime.
As part of the expansion, IVIX has appointed Yonatan Maman as vice president of R&D. Maman previously served as CTO of Outbrain and will lead IVIX's global R&D organization as the company expands its operations and develops its next generation of AI products.
Before joining IVIX, Maman held engineering positions at IBM Research and Elbit Systems. He holds a B.Sc. in software engineering from the Technion - Israel Institute of Technology.
IVIX was founded in 2020 by CEO Mattan Fattal and CPO Doron Passov. Both founders hold degrees in mathematics.
The company has raised $85 million from investors including O.G. Venture Partners, Insight Partners, Citi Ventures, Team8, Disruptive AI, Cardumen Capital and Cerca.
Over the course of its operations, IVIX has helped governments and law enforcement agencies uncover hidden financial assets worth billions of dollars around the world.
