AI Firm IVIX Lays Off 10% of Staff Amid Product Expansion

IVIX, a company specializing in artificial intelligence platforms for combating financial crime, is expanding its operations with a new AI financial investigator product. This strategic move has led to the layoff of approximately 10% of its workforce, totaling around nine employees out of its 90-person staff, according to sources speaking to Calcalist.

Concurrently, IVIX is actively recruiting for new roles in its expanding business areas. The company is restructuring its organization to align with its evolving business needs, reallocating resources to growth sectors, and adjusting its workforce by reducing certain positions while hiring for key growth areas.

The new AI investigator product, currently in pilot phase for financial investigators, is already being utilized by major global law enforcement agencies and IVIX's flagship clients. It is designed to expedite complex investigations and data analysis, assisting investigators in information gathering, pattern recognition, and identifying potential illicit financial activities.

As part of its expansion, IVIX has appointed Yonatan Maman as its new VP of Research and Development. Maman, formerly CTO at Outbrain, will oversee IVIX's global R&D efforts, focusing on developing the next generation of AI products. He holds a B.Sc. in Software Engineering from the Technion and previously held engineering roles at IBM Research and Elbit Systems.

Founded in 2020 by CEO Matan Petal and CPO Doron Pesachov, both with mathematics degrees, IVIX has raised $85 million from investors including O.G. Venture Partners, Insight Partners, Citi Ventures, and Team8. The company reports that it has helped uncover billions of dollars in hidden financial assets globally during its operations.