Wayne-based artificial intelligence company QuantaVerse, founded by Navy vet David McLaughlin, was the star of a Wired article last week on how banks are using AI to fight money laundering, terrorism and other criminal activity.
“It’s a surgical approach to finding a needle in a haystack,” QuantaVerse’s Dan Stitt told the publication. Stitt is the director of financial crime analysis for the company, and relies on his DEA background to advise the firm.
Using proprietary data science algorithms to sift through internal and external data, QuantaVerse sells its services to the banking industry. It has a staff of nine posted up at 435 Devon Dr., in the same building as investor Pete Musser’s firm, The Musser Group.
According to two SEC filings, the company has attracted $1.5 million in venture funds since 2016. Additionally, the firm landed $300,000 during at IMPACT conference, when it impressed judges of the Lion’s Den pitch competition. All told, including follow-up founding from initial investors, the company has raised $2.4 million as part of an ongoing Series A raise.
(Don’t confuse Dave McLaughlin with WeWork’s David McLaughlin. No relation there.)
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