Fivecast, an open-source intelligence software firm, has closed its Series A funding round and has raised $20m.
The round was led by Ten Eleven and saw participation from existing backers such as the Australian Commonwealth Scientific and Industrial Research Organisation’s Main Sequency and the South Australian Venture Capital Fund.
Fivecast provides OSINT technology powered by AI and ML to aid defense, intelligence, police, border security and corporations in keeping society safer. The software enables the targeted collection and risk analysis of publicly available information for specific use cases, such as identifying extremists, terrorists, drug trafficking and organized crime.
The company is using the new funding to build out its product portfolio and drive growth in the Five Eyes community following strong momentum in Australia, a surge in demand in the US and the establishment of its UK office.
Fivecast is also targeting the Asia Pacific region and Europe, and is adding further capabilities in adjacent use cases such as corporate security and financial intelligence.
The company is also continuing recruitment of industry professionals, including tradecraft experts, developers, and sales and marketing personnel to its four offices, having recently achieved a milestone of more than 100 employees globally.
Fivecast CEO and co-founder Brenton Cooper said, “An increasingly complex and growing threat landscape combined with the sheer volume of data available online make it extremely difficult for intelligence personnel to collect, filter and analyze data in a timely way. Our platform enables customers to fight the proliferation of threats, pierce through sophisticated online landscapes, and speed up investigations to protect global communities and organizations.
“Since our founding in 2017, we have enabled government agencies and corporations to identify threats, reduce risks and mitigate incidents across a diverse range of use cases – from divisive US politics influencing violent extremism and China’s influence in the South Pacific, through to crypto scams and money laundering.
“This Series A funding ensures we can continue building advanced capabilities to support our customers’ targeted objectives, and add headcount to service markets across the globe – particularly in Australia, the US and the UK.”
CAT Labs, a startup building forensic and cybersecurity tools to fight crypto-enabled crime, has recently bagged $4.3m in its pre-seed round.
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