How a Main Line company helps banks crack down on human traffickers - Technical.ly Philly

Dev

Mar. 30, 2018 9:55 am

How a Main Line company helps banks crack down on human traffickers

Wayne, Pa.-based QuantaVerse taught an artificial intelligence network to track “bad guys.” It was featured in a documentary by The Economist.

The lines seen here represent suspicious transactions.

(Screenshot)

Inside a suburban office park off Route 202 in Wayne, Pa., a fintech company is using tech to help Asian authorities put the kibosh on human trafficking rings.

QuantaVerse, founded in 2014, combines data science with artificial intelligence in order to track and identify transactions by shady users: like money launderers, terrorist financiers or, as shown in a documentary released last week by The Economist, human traffickers.

“This is an email that we received from Liberty Asia,” says CIO Phil McLaughlin in the documentary. “They sent us info about bad guys that they have found.”

Founder and CEO Dave McLaughlin, a financial services industry expert and a Navy vet, explains the next step:

“And so now, the names of those individuals are in our database,” the founder said. “And anytime there’s a transaction in the future, regardless of where it comes from, we’re scanning against the database we’ve been collecting of people. If they ever do some transaction from financial services organizations we’re going to know it, if it’s a client of ours, and we’re going to see it and understand that those people are engaged in human trafficking.”

The company has raised about $2.7 million in seed in capital thus far.

Here’s the documentary, cued up to the segment with QuantaVerse. Catch the company again at 26:10.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Exton-based insurance software firm iPipeline purchased for $1.6B

Escape the August heat with cool AI tech

How Guru is growing fast by taking it slow

SPONSORED

Philly

Meet these 10 hiring companies at Super Meetup

Philadelphia, Pa

Inspire

Event Sales Ambassador

Apply Now
Philadelphia

Linode

DevOps Engineer

Apply Now
Philadelphia

Linode

Chief Information Security Officer

Apply Now

Guru is taking on growth with deliberate steps and an engaged team

How Macquarie blends tech-fueled financial services with global opportunity

These adoptable floofs at Morris Animal Refuge have AI-generated names

SPONSORED

Philly

Verizon is looking for the brightest ideas on how to use its 5G technology

Philadelphia

Perpay

UX Designer

Apply Now
Chesterbrook, PA

Deacom

Inside Sales Representative

Apply Now
Horsham, PA

Penn Mutual

Product Owner/Business Transformation Specialist

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!