FinTech for public needsIVIX is developing AI to help governments identify and collect $6 trillion in lost tax revenue each year
FinTech for public needs
- Founded in 2020
- Funding total: $13 million (seed round, July 2021)
- Investors include Team8 Capital, Cardumen Capital, Citi Ventures
- HQ: Tel Aviv, Israel and New York, US
- FTEs: 11-50
- Key clients/partners: Several OECD countries
Strengthening the economy and combating tax evasion are priorities for policymakers around the world. Former Secretary of the US Treasury Larry Summers asserts that over the next 10 years, the Internal Revenue Service (IRS) is on track to collect $7 trillion less than is owed – around 3 percent of the country’s GDP.
“[The Internal Revenue Service’s] technology is woefully outdated,” notes Summers. However, the Biden administration’s plans to Build Back Better aim to change that by funneling $80 billion to the IRS, part of which would enable the tax authority to use technology to collect all the payments that they are owed.
Globally, tax evasion is estimated to cost governments $6 trillion in lost revenue each year. Israeli startup IVIX, which is currently in stealth mode, has developed an artificial intelligence-powered platform to help governments identify tax infringements by analysing both their own and publicly-available data.
Already active in several OECD countries, IVIX secured a $13 million seed round led by Team8 in July 2021. “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,” notes Co-founder and CEO Matan Fattal.
IVIX has their eyes on growth for 2020. They plan to recruit employees, particularly in sales and marketing.
Public sector tax authorities that are looking to collect revenue more efficiently and reduce tax non-compliance.