Cytowski & Partners has advised Resistant AI on its USD 16.6 million Series A funding round led by Alphabet's GV with the participation of Index Ventures, Credo Ventures, Seedcamp, and several unnamed angel investors. Wilson Sonsini Goodrich & Rosati reportedly advised GV.
According to Cytowski & Partners, this is Google Ventures' first Series A transaction in the Czech Republic. Resistant AI will use the funds to expand to London and New York and develop further products, according to the firm.
Prague-based Resistant AI uses artificial intelligence to help financial services companies combat fraud and financial crime, selling tools to protect credit risk scoring models, payment systems, and customers.
"Our mission is to create an intelligent shield for autonomous financial systems, to protect them against these ever-evolving, ever-smarter attacks," commented Resistant AI CEO Martin Rehak. "That’s the only way we can avoid epidemic fraud, mountains of manual reviews, and four-factor authentication on every single online service."
The Cytowski & Partners team included Partner Tytus Cytowski and Associates Tomiwa Ogundipe and Eresi Uche.
Editor's Note: After this article was published, CEE Legal Matters learned that Weinhold Legal also advised Resistant AI on its Series A. The WL team was led by Partners Pav Younis and Martin Lukas and included Managing Associate Jakub Nedoma. Weinhold Legal had previously advised Resistant AI on another financing round in 2020 (as reported by CEE Legal Matters on May 7, 2020).