Wayne’s QuantaVerse has developed an A.I.-powered technology that helps financial institutions proactively identify and stop criminal activity, writes Michelle Caffrey for the Philadelphia Business Journal.

And it’s now having a huge impact on some of society’s biggest problems.

“Money laundering is not a victimless crime,” said David McLaughlin, founder and CEO of QuantaVerse. “The World Bank estimates that up to five percent of global GDP is laundered every year, derived from really terrible crimes such as human trafficking, drug trafficking, and terrorist financing.”

But McLaughlin emphasized that his goal was not to be a disruptor when he started the company.

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“We knew the application of artificial intelligence and machine learning could drive transformational improvement in the efforts to combat money laundering,” he said.

Choosing the Philadelphia area to start the business was an easy decision for McLaughlin. In addition to great talent and affordable living, the area also has a strong service industry that works well with tech startups.

“I can’t think of an area that has all the advantages of Philadelphia, plus we have great sports teams!” he said.

Read more about QuantaVerse in the Philadelphia Business Journal here.

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