Mantas, whose data-mining software helps banks and brokerages track customer behavior, said Wednesday that Safeguard Scientifics has agreed to invest $17.5 million in the company. Including this round of funding, Mantas has raised a total of $29.5 million since SRA Ventures, a joint venture formed by Safeguard Scientifics and SRA International, spun off the company last May.
Mantas customers, such as Merrill Lynch and the National Association of Securities Dealers, use its systems to monitor securities trades for irregular activities and transaction quality. But the company says its technology can also be used to detect fraud and money laundering. "Recent regulatory mandates, such as the passage of the U.S.A. Patriot Act, have created opportunity for our anti-money laundering and fraud solutions," Mantas Chief Executive Simon Moss said in a statement.