Fund Investment Spotlight: Team8 Capital Leads Funding Round for IVIX
In addition to our portfolio investments, Silver Falcon Capital partners with investment funds who share our values, allowing us to support other brands and initiatives we believe in. One such fund is Team8 Capital, whose recent investment in IVIX—the first technology platform purpose-built to combat the shadow economy and reduce widespread tax evasion—is making headlines. Led by CEO and co-founder Matan Fattal, the AI-driven IVIX platform can efficiently analyze tax authorities’ internal data and cross-reference it with publicly available information to identify tax evasion fraud, a process that is typically manual in nature. Team8 Capital’s investment will allow IVIX to expand sales and marketing efforts.
“NEW YORK AND TEL AVIV, ISRAEL (PRWEB) JULY 14, 2021
IVIX, the first technology platform purpose-built to combat the shadow economy, today announced it has closed a $13 million seed funding round, led by Team8 with participation from Citi Ventures, Cardumen Capital and private investors.
Global tax evasion is around $20 trillion annually, resulting in $6 trillion annually in lost revenue. IVIX closes the tax gap by enabling tax authorities around the world to reduce widespread evasion effectively. The company develops tailored technologies that automatically analyze public data sources to identify in-scale tax evasion. This allows tax authorities to utilize their resources more efficiently, increase collection, and promote deterrence.
Matan Fattal, CEO and co-founder of IVIX, said: “We are delighted to have closed our seed funding round, led by Team8 Capital. Clients across different geographies have told us time and again that the IVIX platform is a game-changer. Our ability to scale combined with our accuracy rate that exceeds 98% is transforming authorities’ ability to deter tax evasion, increase compliance and level the playing field.”
The seed financing will allow IVIX to grow exponentially, mainly in the areas of sales and marketing.
Sarit Firon, Managing Partner at Team8 Capital, said: “We are very excited to invest in IVIX, the first purpose-built, tech-led platform designed to illuminate the shadow economy. There is no similar company in this space. IVIX’s tailored algorithms and collection capabilities allow tax authorities to automatically detect an entity’s activities to ensure accurate assessment of tax liability.”
The IVIX platform offers a powerful alternative to the manual processes, limited in-house tools and non-specialist vendor solutions in use today. Its AI-driven platform can efficiently analyze tax authorities’ internal data and scour publicly available information to identify tax evasion and fraud. The technology can be used to target large-scale fraud, for example, and satisfies stringent global fiscal standards in relation to security, confidentiality and privacy.
Already deployed in several OECD countries, IVIX has allowed authorities to quickly and accurately identify a significant number of tax infringements, including verticals where nearly 50% of businesses were not reporting income.” Read the full article here.
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