Resistant AI, a start-up that develops technologies to combat financial fraud, has raised $16.6m in a Series A funding round.

The round was led by GV (formerly Google Ventures). Several other investors including Index Ventures, Credo Ventures and Seedcamp also participated in the round.

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In a Twitter post, Resistant AI confirmed the funding.

It added that the proceeds will be used strengthen its product, engineering and sales operations teams beyond its current offices in Prague, London and New York.

The Czech Republic-based company will also use the funding to meet growing demand from global financial institutions.

Resistant AI was found by a team that established another firm Cognitive Security. It was sold to Cisco in 2013.

According to its website, Resistant AI identifies and prevent financial fraud committed by submitting forged documents or using stolen identities.

It uses statistical modelling and machine-learning technologies to support its clients across the customer lifecycle.

The start-up already counts several banks, insurers and financial technology companies as its clients.

In a statement, Resistant AI CEO Martin Rehak said: “Our mission is to create an intelligent shield for autonomous financial systems, to protect them against these ever-evolving, ever-smarter attacks.

“That’s the only way we can avoid epidemic fraud, mountains of manual reviews and four-factor authentication on every single online service.”