This AI startup is racking up government customers | TechCrunch
News Summary
- IVIX uses AI machine learning and public databases of business activity to help government entities spot tax noncompliance in addition to other financial crimes
- The startup has landed government contracts with federal agencies including the IRS criminal investigation bureau
- IVIX raised a million Series A led by Insight Partners which was announced last week
- The U
- S
- loses trillion a year due to tax evasion alone according to the Internal Revenue Service
- The company has made notable hires like Don Fort the former chief of criminal investigations at the IRS
Tax evasion, money laundering and other financial crimes are massive, costly issues. In 2021, the Internal Revenue Service estimated that the U.S. loses $1 trillion a year due to tax evasion alone. I [+1011 chars]
